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Bitcoin swing traders took profits, and bears opened fresh shorts after BTC failed to recapture levels above $118,000. Will today’s FOMC presser kickstart a trend reversal in BTC and altcoins?
💡 DMK Insight
Bitcoin’s failure to reclaim $118,000 has triggered profit-taking and new shorts, raising concerns for swing traders. With BTC currently at $110,077, the market sentiment is shifting as traders react to the FOMC presser. If the Fed signals a more hawkish stance, we could see further downside pressure, potentially testing support levels around $105,000. This scenario could also ripple through altcoins like Litecoin, which is currently at $98.77. Traders should keep an eye on the correlation between BTC and LTC, as a bearish BTC could lead LTC to retest its support levels. On the flip side, if the FOMC hints at a dovish approach, it might provide the momentum needed for a recovery. Watch for BTC to break above $118,000 for a bullish signal, but until then, the market remains vulnerable to further selling pressure.
📮 Takeaway
Watch for BTC to break above $118,000 for a bullish signal; otherwise, support around $105,000 could be tested.
