Hello traders,
The cryptocurrency market is in turmoil again! Bitcoin has just dropped below $100,000, its lowest level in months, after whales offloaded more than $45 billion in their positions — a heavy blow that shook the entire market.
At the same time, expectations for a Federal Reserve interest rate cut in December are fading, spreading a widespread sense of 'risk avoidance.' Investors are pulling money from risky assets and instead flowing into the US dollar and bonds, adding more downward pressure on cryptocurrencies.
On the 4-hour chart, the bearish structure remains dominant. The price continues to move within a descending channel, where the $104,600 area now acts as crucial support in the short term. Every bounce has been swiftly rejected — a clear sign that the market is not ready for any meaningful recovery yet.
If the price fails to retest and stay above $104,600, the next likely scenario is a drop towards $96,700, where the next key support area lies.
Now, it seems the market is breathing after the leverage effect. With the convergence of both fundamental and technical pressures, the bearish trend remains the prevailing direction for Bitcoin in the short term.
