Bitcoin Support Under Attack as Bears Look to Push Price Below $100,000
Bitcoin's price momentum faded after the Fed's rate cut, with key support levels at $106,900 and $104,000 now under threat from bears aiming for $100,000.Summary
Bitcoin experienced a disappointing week, failing to sustain upward momentum after the Federal Reserve's expected 25 basis point rate cut, especially as Chairman Powell indicated no further cuts in December. Bitcoin closed the week at $110,591, failing to inspire bullish confidence.
Key technical support at $106,900 (the 0.146 Fibonacci Retracement) narrowly held, but bulls are warned that another test is likely to fail, potentially leading to a drop below $100,000 to test support at $96,000. Resistance is now established around $111,000 (the 21-EMA and Volume Profile POC), with higher resistance at $114,600 and $122,000.
The outlook for the coming week is bearish, suggesting a breakdown below $106,900 unless buyers step up significantly. Bulls are hoping for positive macro catalysts, such as cooler Consumer Price Index data on November 13, which could encourage a December rate cut, or a resumption of the Nasdaq's uptrend to help sustain upward movement.
(Source：Bitcoin Magazine)