Bitcoin Price Slumps to $102,000 as Fed Policy, Investor Sentiment Pressure Markets
Bitcoin dropped below $103,000 due to a strong dollar and ETF outflows, breaking the 200-day moving average.Summary
The Bitcoin price extended its losses, sliding past $102,852 to briefly trade below $103,000, marking its lowest level in over two weeks and breaking the critical 200-day moving average. This decline is attributed to renewed U.S. dollar strength following Federal Reserve Chair Jerome Powell's comments reinforcing a "higher for longer" interest rate stance, alongside significant investor outflows from Bitcoin and Ether ETFs.
Market analysts warn that a sustained break below $100,000 could trigger a sharper sell-off toward $74,000. Technically, after failing to hold the $106,900 support, $104,000 is the next defense level, with $96,000 as the subsequent support zone if it breaks. The overall market sentiment remains bearish, compounded by recent liquidation events and protocol exploits.
Traders are now awaiting the November 13 Consumer Price Index report, as cooler inflation data could prompt expectations of Fed easing, which is needed to reverse the current downtrend. Until then, Bitcoin remains under defensive pressure.
(Source：Bitcoin Magazine)