$BTC Bitcoin is on track to fall for the second week in a row
Bitcoin was set to fall for a second straight week after a rally sparked by Donald Trump’s presidential election victory ran out of steam following the Federal Reserve’s meeting disruption.
The rally pushed prices to an all-time high of $108,244.9 last week, after which prices fell on profit-taking amid macroeconomic pressures stemming from Fed rate expectations.
The central bank cut interest rates by 25 basis points but indicated only two rate cuts next year, compared with a previous forecast of four cuts.
The shift has prompted investors to reassess their positions in speculative assets like bitcoin, contributing to its price decline. Bitcoin was steady on Friday amid thin year-end trading volumes, while investors remained cautious about the cryptocurrency’s prospects after the Federal Reserve turned hawkish last week.
Bitcoin was down 1.7% at $94,488.7 by 3:55 p.m. ET (20:55 GMT). The popular cryptocurrency topped $97,000 earlier in the day.
Bitcoin fell on Thursday as markets appeared to respond to inaccurate chart data from TradingView.
The cryptocurrency fell toward $95,000 after social media users pointed out an anomaly in TradingView’s Bitcoin dominance chart, which incorrectly showed Bitcoin’s share of the total cryptocurrency market cap falling to 0%.
Although the error was later corrected, it reportedly sparked a sudden trading reaction that sent prices lower.
According to CoinGlass data, nearly $33 million worth of long Bitcoin positions were liquidated within four hours.#BtcNewHolder $ETH