There are two main reasons for the Bitcoin crash this time:
The Fed's interest rate cut plan is not clear enough: The Fed's plan to cut interest rates next year did not give the market enough confidence, which led to a setback in US stocks, which in turn led to a decline in Bitcoin.
Speech by Fed Chairman Powell: Powell said that the Fed will not buy Bitcoin and does not intend to change relevant laws, which has a negative impact on market sentiment.
But I think these problems are temporary and the market will gradually digest these unfavorable news.
Now, back to the market analysis of Bitcoin, from the K-line of each time period, the current 1 hour, 4 hours, 12 hours and daily lines are in a downward trend.
Intraday pressure level: $99,000
Support level: $94,000
Key position: $95,000, this position is crucial and needs to be focused on.
