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Darla Obstfeld
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Darla Obstfeld
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Bitcoin is trading near $87,000 and still looks weak. Yesterday’s sudden pump was quickly dumped, showing sellers are in control. Price has broken its uptrend, and many traders are expecting a drop below $85,000. With long-term holders selling and global risks high, volatility is likely to continue.
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$ETH whales are creating a strong support area. They have been buying consistently, pushing their average buy price from around $1.56k in June to almost $3k now. This matters because big players usually defend the price where they bought in. As long as whales keep accumulating, it will be difficult for ETH to drop below this level.
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At the FOMC the Fed seemed more hawkish on rate cuts moving forward. The market seems to agree, there’s currently just a 24% chance of a rate cut in January… Should we be worried?
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For the last four Mondays, the price has dipped, found a short-term bottom, and then moved up. This usually means smart money isn’t chasing higher prices. They’re quietly buying on dips and building long positions while everyone else is distracted.
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Bitcoin is forming a falling wedge, which is usually a bullish pattern. This means selling pressure is weakening, and a breakout to the upside is possible. If Bitcoin breaks out of this pattern, the price can move above $92,800. If that level also breaks, Bitcoin could test around $94,000.
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