Bitcoin Price Near $109K as PCE Inflation Data and ETF Outflows to Test $107K Support
- Although Bitcoin has historically performed well in October, the bulls must defend the midterm support levels.
- The rate of new capital deployment by institutional investors has significantly declined.
- Crypto analyst Michaël van de Poppe believes BTC price is establishing a bottom for its Q4 rally.
Bitcoin closed Thursday on a bearish note, sliding nearly 4% to a seven-day low around $108,964 before staging a slight rebound to $109,246 by Friday’s mid-London session.
The weakness dragged the broader altcoin market lower, trimming the total crypto market cap by 2% to about $3.85 trillion.
Midterm Chart Structure Weakens
Since the Federal Reserve’s first 25 bps rate cut earlier this year, Bitcoin has traded in a midterm downtrend. Two failed attempts to reclaim the $117,000 resistance deepened bearish momentum, pushing the coin below key support at $112,00…
Read The Full Article Bitcoin Price Near $109K as PCE Inflation Data and ETF Outflows to Test $107K Support On Coin Edition.
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Bitcoin Price Near $109K as PCE Inflation Data and ETF Outflows to Test $107K Support
- Although Bitcoin has historically performed well in October, the bulls must defend the midterm support levels.
- The rate of new capital deployment by institutional investors has significantly declined.
- Crypto analyst Michaël van de Poppe believes BTC price is establishing a bottom for its Q4 rally.
Bitcoin closed Thursday on a bearish note, sliding nearly 4% to a seven-day low around $108,964 before staging a slight rebound to $109,246 by Friday’s mid-London session.
The weakness dragged the broader altcoin market lower, trimming the total crypto market cap by 2% to about $3.85 trillion.
Midterm Chart Structure Weakens
Since the Federal Reserve’s first 25 bps rate cut earlier this year, Bitcoin has traded in a midterm downtrend. Two failed attempts to reclaim the $117,000 resistance deepened bearish momentum, pushing the coin below key support at $112,00…
Read The Full Article Bitcoin Price Near $109K as PCE Inflation Data and ETF Outflows to Test $107K Support On Coin Edition.
Read More