BTC Tests $110K as Traders ‘Sell the News’ on Fed Cut, U.S.-China Deal
The crypto market experienced a “sell the news” reaction to the Federal Reserve’s interest-rate cut and a U.S. trade deal with China, with bitcoin sliding back to the $110,000 level of support.
Traders will now be wondering whether the recent high just shy of $116,000 will mark a lower high from the record $126,000 bitcoin hit the start of the month, which would indicate the etchings of a downtrend and a reversal.
Bitcoin dominance ticked down a few basis points on Thursday to suggest that some altcoins are outperforming BTC despite market weakness being reflected across crypto majors.
Derivatives Positioning
By Saksham Diwan
- Despite yesterday’s post-Fed news price drop in bitcoin, the BTC futures market shows strength: Open…
