Bitcoin's retracement below $100K leaves investors wondering if the bull cycle is over
After reaching a high of $108,300 earlier in the week, Bitcoin experienced a decline on Wednesday following the FOMC's hawkish rate cut outlook for 2025. The Fed's decision to have only two rate cuts next year marred expectations of four rate cuts by market participants, leading to heavy selling pressure across the crypto market.
Particularly, US investors were among the top sellers, as revealed in the Bitcoin Coinbase premium plunging negative. This metric measures the difference between Coinbase's BTC/USD pair and Binance's. A decline shows higher selling pressure in the US than in the general market.
Bitcoin Coinbase Premium Index. Source: CryptoQuant
With the recent drawdown from its all-time high, most investors are contemplating if Bitcoin's bull season has run its course. The following factors reveal mixed signals:
