Bitcoin rejected at key $93.5K as Fed rate-cut bets meet ‘strong’ bear case

💡 DMK Insight

Bitcoin’s dip back to $90,000 signals a critical moment for traders: The recent strong US jobs data has overshadowed any optimism surrounding potential Fed rate cuts, leading BTC to retreat from its yearly open. This price action is significant because it indicates that the market is still highly sensitive to macroeconomic indicators, particularly employment data, which can influence monetary policy. If Bitcoin can’t reclaim the yearly open as support, we might see further downside, potentially testing lower levels. Traders should keep an eye on the $88,000 mark, as a break below could trigger more selling pressure. On the flip side, if BTC manages to bounce back and hold above $90,000, it could reignite bullish sentiment, especially if the Fed’s stance shifts in the coming weeks. Watch for any shifts in trading volume or momentum indicators that could signal a reversal. The next few days will be crucial, especially with the monthly close approaching, which could set the tone for the next trading cycle.