Derived from CoinEdition, Bitcoin is currently trading in the mid-90K zone, below a descending resistance line identified by analyst Dave the Wave. A breakout above $110K is seen as critical to ending the current correction, while support remains at $70K–$75K. The Federal Reserve’s recent rate cut, the third in three months, historically precedes risk-asset repricing. On-chain data shows short-term holders have been underwater for 45 days, signaling potential seller exhaustion.
Bitcoin Needs $110K Breakout to End Downtrend Amid Fed Rate Cuts and On-Chain Signals
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Summary
Bitcoin is trading in the mid-90K range, below a descending resistance line per Dave the Wave. On-chain analysis shows short-term holders have been underwater for 45 days, hinting at possible seller exhaustion. A move above $110K is needed to reverse the downtrend, with support at $70K–$75K. The Fed’s third rate cut in three months could trigger a repricing of risk assets. On-chain data remains key for tracking near-term sentiment shifts.
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