Analyst: The Federal Reserve's hawkish stance combined with profit-taking has put pressure on Bitcoin prices, and a pullback to $90,000 may present a buying opportunity
ChainCatcher news, according to Jinshi, Bitcoin is experiencing one of its weakest December performances in history, down 2% over the past 30 days. The traditional "Santa rally" expectations have been shattered due to profit-taking and the Federal Reserve hinting at fewer rate cuts next year.
Alex Kuptsikevich from FxPro stated that Bitcoin dropping below $90,000 could mean new opportunities for market traders, "In a potential shock scenario, Bitcoin could suddenly drop below the $70,000 range."
However, the likelihood of a pullback to $90,000 in the coming weeks is greater, which is attractive enough for buyers to prevent selling. "Kuptsikevich pointed out that the market is digesting the Federal Reserve's hawkish stance, combined with the willingness to take profits after this year's strong rally, leading to current price pressure."