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Bitcoin (BTC) price recovered and regained its critical psychological level after falling below $100,000 for a short time last night.
However, while some analysts interpret this move as a short-term bearish signal, others consider it an ordinary market correction.
After the US Federal Reserve (FED) announced a 25 basis point interest rate cut and plans for less interest rate cuts than expected for 2025, it caused a general wave of sales in the crypto market! After the big declines, analysts shared their latest views on Bitcoin price.
Weekly Decline Signal in Bitcoin
Anonymous crypto analyst Rekt Capital stated that Bitcoin has developed a ‘bearish engulfing candlestick’ pattern on its weekly charts. Rekt told his followers, ‘We need to wait for the end of the week to confirm this decline. A lot can change,’ he said.
According to Rekt Capital’s analysis, technically, this movement is currently considered as a correction. Weekly closing levels will be decisive.
Some analysts think this pullback should not cause concern. ‘This retracement is quite normal, we have experienced similar 8 times since October,’ Bitcoin Archive said. Crypto commentator James Lavish stated that ‘those who sell Bitcoin in response to the FED’s statements do not know what they have’.
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