#BTCNextMove Bitcoin retreated to 10-day lows after record rally

Bitcoin's decline from the record high reached earlier this week at one point exceeded 10%, as declining chances of monetary policy easing in the U.S. dampened speculative enthusiasm. About it writes Bloomberg.

The price of the flagship cryptocurrency fell to $95,702 on Thursday, two days after updating an all-time record just above $108,000. The pullback put significant pressure on other tokens, including Ether and Dogecoin.

Such corrections are “pretty typical” of bullish cryptocurrency markets, said Strahinja Savic, head of data and analytics at FRNT Financial.

The Fed's hawkish turn on Wednesday had a negative impact on most risk assets. Bitcoin is still up 50% since Trump won the U.S. presidential election on Nov. 5.

“It seems to be profit taking towards the end of the year,” said Edward Chin of Parataxis. “Nothing fundamental that would trigger a sell-off has happened.”

With fewer Fed rate cuts now expected in 2025, some investors may choose to reduce their exposure and lock in profits.

“Technically, caution is warranted in the short term,” Chris Weston, head of research at Pepperstone Group, wrote in a note. “This doesn't mean we will see a price collapse anytime soon, but momentum has clearly faded and buyers have lost dominance and control of the situation.”$BTC