#BTCNextMove
Bitcoin faces a pivotal moment, testing a key level that could change its course
Bitcoin fell more than 5% on Wednesday, pushing the largest cryptocurrency toward the $100,000 level, a level closely watched in markets. Bitcoin is now trading at $97,000 on Friday morning, down about 2.3% in the last 24 hours, while other major coins such as Ethereum, XRP, and Dogecoin, which are popular among crypto traders, have faced similar difficulties.
Fed officials cut borrowing costs for the third time in a row, but they reduced their expectations for the number of cuts expected in 2025. Fed Chairman Jerome Powell explained that further rate cuts require greater progress in tackling persistent inflation.
“The outcome of the Fed meeting came as no surprise to investors who have been closely following recent data on US inflation,” Tony Sycamore, a market analyst at IG Australia, said in a research note. “But it did act as a catalyst to remove some of the excess liquidity directed towards speculative investments, which flowed into riskier assets, such as stocks and Bitcoin, after the US election.