Crypto-First21
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BitcoinBitcoin falls below $114,500 after FOMC hype fades
Bitcoin, Ethereum, and most major cryptocurrencies fell late Sunday night as enthusiasm over the interest rate cut waned and traders evaluated upcoming macroeconomic trends.
According to The Block's crypto price page, bitcoin fell 1% over the past 24 hours to trade at $114,467 as of 10:20 p.m. ET on Sunday. Ether dipped 3.3% to $4,307, while XRP fell 2.5% to $2.91 and Solana dropped 3.24% to $232.5.
Bitcoin climbed to around $118,000 earlier this week after the Federal Open Market Committee announced a 25 basis point interest rate cut, fueling risk-on sentiment among investors. However, the recent rate cut did not spark a sustained rally as traders weighed what comes next.
Although the September interest rate decision was once seen as a pivotal moment for cryptocurrency prices, analysts said that the market's bull cycle has largely run its course.
"Investors are cautious, long-term holders aren’t panicking, but short-term traders are restless. On-chain data shows holders aren’t selling, so sentiment is more 'nervous optimism' than outright fear."
0 this isn't a reversal but just a pause. "Long-term holders are still in, but traders are waiting for a breakout above US$124K (for BTC) to call the next leg up.
According to The Block's crypto price page, bitcoin fell 1% over the past 24 hours to trade at $114,467 as of 10:20 p.m. ET on Sunday. Ether dipped 3.3% to $4,307, while XRP fell 2.5% to $2.91 and Solana dropped 3.24% to $232.5.
Bitcoin climbed to around $118,000 earlier this week after the Federal Open Market Committee announced a 25 basis point interest rate cut, fueling risk-on sentiment among investors. However, the recent rate cut did not spark a sustained rally as traders weighed what comes next.
Although the September interest rate decision was once seen as a pivotal moment for cryptocurrency prices, analysts said that the market's bull cycle has largely run its course.
"Investors are cautious, long-term holders aren’t panicking, but short-term traders are restless. On-chain data shows holders aren’t selling, so sentiment is more 'nervous optimism' than outright fear."
0 this isn't a reversal but just a pause. "Long-term holders are still in, but traders are waiting for a breakout above US$124K (for BTC) to call the next leg up.
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