Bitcoin encounters a pullback; can the key support level hold?

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Bitcoin has recently fallen over 6%, currently priced slightly above $95,000, approaching the next key support level of $91,000 to $92,000. The Federal Reserve's interest rate cut of 0.25% met expectations, and the market initially reacted calmly, but Powell's press conference triggered a significant market decline. This drop mainly stems from changes in market expectations for interest rates in 2025, with the rate cut anticipated to be only 25 basis points, leading to bearish sentiment. At the same time, Powell clearly stated that the Federal Reserve would not buy or hold Bitcoin, further exacerbating market panic.

Bitcoin is currently in a downward trend, with prices nearing key support ranges. Analysts believe that despite the current price drop, this is not surprising, and the next support range may be between $69,400 and $82,500. Recent price movements have been weak, indicating that the market may be close to bottoming out. However, it is noteworthy that $100,000 remains a strong resistance level for Bitcoin, and a breakthrough at this position is needed to confirm the arrival of a rebound.

In summary, Bitcoin may continue to decline until it reaches the key support level, at which point a rebound could occur. Investors should closely monitor whether prices break through existing resistance levels to confirm whether the market has entered a reversal phase.

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