Bitcoin slides as Fed rate cut hopes diminish
Briefly

Bitcoin slides as Fed rate cut hopes diminish
"The broader uptrend remains intact, but momentum has cooled and traders are cautious, according to Rachael Lucas, a crypto analyst at BTC Markets."
"The crypto market's decline is a healthy and necessary correction from previous highs, says Alex Kuptsikevich, chief market analyst at FxPro."
"Even a decline to the $3.4 trillion mark would be viewed as profit-taking, as long as the market remains above this level, Kuptsikevich added."
"We expect to see further consolidation while Bitcoin remains below monthly trendline resistance, currently at around $125,000, which capped Bitcoin's advance last week, said Tony Sycamore, an analyst at IG Australia."
Bitcoin fell to $114,762, marking a decline as risk assets were pressured by reduced hopes for U.S. interest rate cuts. Ether remained stable while XRP dropped approximately 3%. Earlier this month, Bitcoin peaked at $123,205, buoyed by optimism regarding the U.S. regulatory environment and strong crypto investment inflows. Analysts noted the decline as a necessary correction. Bearish sentiment intensified in the derivatives market following large trades on put options, and further consolidation is anticipated as Bitcoin faces resistance near $125,000.
Read at Fortune Crypto
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