Bitcoin Faces Potential Correction Without New Catalysts
- Bitcoin is currently trading at $110,840, approximately 5% below the critical $117,000 level.
- Over the past month, Bitcoin has seen a decline of 4.19% in value.
- US-based spot Bitcoin ETFs recorded a nine-day inflow of $5.96 billion before the recent market crash.
- Market analysts predict potential upside for Bitcoin between $116,000 and $120,000 in the coming month.
- There is a projected chance of about 95.7% for another rate cut by the US Federal Reserve at their upcoming meeting on October 29.
Analysts suggest that without new catalysts to boost investor excitement, Bitcoin may face deeper corrections if it fails to maintain its current price range. The ongoing inflows into ETFs and potential rate cuts could provide some support for recovery.
As of now, Bitcoin’s price remains vulnerable with significant fluctuations expected as it trades near crucial support levels.(Source)
