[Analysis] "Bitcoin, Weak Pattern Despite Recovering $100,000... Possible Short-term Decline"
YM Lee
- It was reported that Bitcoin maintains a weak pattern despite recovering the psychological level of $100,000.
- Rekt Capital predicted that if this week ends in a loss, the downward trend will continue.
- It was stated that risk assets like Bitcoin showed a downward trend following the FOMC's rate cut announcement and Powell's remarks.
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Bitcoin (BTC) has been analyzed to maintain a weak pattern despite recovering the psychological level of $100,000.
On the 19th (local time), according to a report by Cointelegraph, renowned virtual asset trader Rekt Capital stated on his X (Twitter), "Bitcoin is forming a weekly downward erosion candle as it has recently experienced a decline. If this week ends in a loss according to technical analysis, the downward trend is likely to continue."
Following the announcement of a rate cut by the Federal Open Market Committee (FOMC) and hawkish remarks by Fed Chair Powell last night, risk assets such as Bitcoin (BTC) and the New York Stock Exchange are showing a downward trend.
Currently, Bitcoin is trading at $101,100, down 2.63% from the previous day, based on the global virtual asset (cryptocurrency) exchange Binance.
YM Lee
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