$BTC plummets to $90K after rate cut “Discounted”

The crypto market seeks key support

The cryptocurrency market reacted with a brutal “sell the news” move, falling to the bottom of its range immediately after the Federal Reserve #FED announced a 25 basis point interest rate cut.

Although a rate cut is usually positive (bullish) in the long term for macroeconomic assets, it seems that traders had already anticipated (discounted) the news. As a result, long exposure was quickly liquidated after the announcement.

#Bitcoin is currently holding above critical support at $88,200, trading at $90,117. Its goal now is to find a catalyst that will allow it to break through this week's strong resistance at $94,500.