Analyst Says "Bitcoin and Ethereum Are Cornered!", Shares Risky Levels That Must Be Protected!

Leading cryptocurrency Bitcoin (BTC) had recovered to near $114,000 yesterday after Monday's crash. However, after a brief recovery, it retreated on Thursday as investors awaited key ￰0￱ data that could shape the Federal Reserve's interest rate ￰1￱ Wall Street investors are buying the dip in anticipation of a historically bullish fourth quarter, as spot Bitcoin ETFs saw $241 million in inflows ￰2￱ this point, while the uncertainty in the market continues, it also continues to digest FED Chair Jerome Powell's message on Tuesday that they will not rush into further ￰3￱ characterized last week's 25 basis point rate cut as a “risk management” measure aimed at easing the cooling labor ￰4￱ also stated that there was no pressure for a 50 basis point ￰5￱ also reiterated that the Fed must balance upside inflation risks with downside employment risks, and stated that the Fed will be patient rather than resort to a rapid rate-cutting ￰6￱ light of Powell's comments and the ongoing uncertainty, one analyst described the cryptocurrency market as a “market of maybes.” Speaking to The Block, BRN research president Timothy Misir stated that there is currently no clarity in the market and that predictions are based on ￰7￱ this point, Misir noted that Bitcoin has formed a double bottom around $111,115, while it is facing solid resistance around $113,500.

Stating that a decisive breakout of this resistance level would push the BTC price closer to the $115,000 region, the analyst said that there is still a risk of a drop towards the $105,000-$90,000 levels, according to on-chain ￰8￱ analyst also assessed the current situation in Ethereum, noting that despite holding at $4,000, ETH remains ￰9￱ it fails to hold this level, it risks a drop to $3,800-$3,600. *This is not investment ￰10￱ Reading: Analyst Says "Bitcoin and Ethereum Are Cornered!", Shares Risky Levels That Must Be Protected!