Bitcoin Price Dey Eye $117K After Fed-Driven Bounce for $110K
Bitcoin price drop from new highest point over $124K after Federal Reserve show say e fit cut interest rate. Market find support for $110K, wey match with 100-day moving average. For daily chart, Bitcoin price fall below im long term climbing channel, RSI dey near 50, mean say momentum neutral. If e bounce pass the lower channel line, e fit push price go $130K. But if no, e fit drop go the 200-day moving average near $100K. For 4-hour chart, Bitcoin price jump to $117K resistance after e touch $112K support. Positive funding rates for derivatives market show say dem get bullish mind. But if main supports fail, liquidation cascade fit drive Bitcoin price sharp down.
Bullish
Di news talk dey highlight strong Fed-driven catalyst wey don reinforce Bitcoin price support at $110K, one key technical level wey relate to 100-day moving average. Historically, Federal Reserve signals about interest rate cuts don trigger bullish momentum for risk assets, including Bitcoin. Di rebound go $117K resistance zone dey show say buying pressure don renew, while positive funding rates for derivatives market confirm say traders still dey position for upside. Short term, if dem fit break $117K barrier well, e fit accelerate rally go $130K or pass, echo past breakouts wey lead to quick gains. Long term, if support remain pass major moving averages and dem fit enter ascending channel again, e go validate broader uptrend. Even though downside break fit cause liquidations and pullback to $100K, the current technical setup and market sentiment dey lean toward continued bullish momentum.