Bears target $82,500 after market bloodbath

The price of Bitcoin is currently down more than six percent It is trading slightly above $95,000 levels at the time of writing. The next major support is around $91,000 to $92,000. the The Federal Reserve recently cut interest rates by 0.25% (25 basis points), which was expected and actually priced in by the market.

Initially, there was not much reaction when the news was released, but about half an hour later, Jerome Powell’s press conference had a greater impact on the market. Both Bitcoin and the stock market saw declines in the past day.

The main reason for this decline is due to interest rate expectations for next year. While many had hoped for further interest rate cuts, the market now expects another cut of just 25 basis points in 2025, causing a bearish reaction. In addition, Powell said that the Federal Reserve is not allowed to buy or hold bitcoin, which has alarmed the market.

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Bitcoin Price Analysis: What’s Next?

Bitcoin is currently experiencing a downtrend, as the price is moving towards a major support area. According to analysts, its decline was expected, and the next major support area is between $69,400 and $82,500.

The recent price action has shown signs of correctionIt is possible that the market is approaching the bottom of this stage. While Bitcoin was in an overall uptrend, there were hints that a correction was imminent. Price action has been weaker recently, with overlapping moves indicating exhaustion. Additionally, the $100,000 level has proven to be a strong resistance for Bitcoin.

the The market continues to decline Movement, with further declines likely before any recovery. Despite the current downtrend, there is a possibility that a bounce will occur once the price reaches key support levels. However, we need to see a break of resistance before a reversal is certain.

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