Bitcoin extends its decline by 2.00% to $98,000 ✂️

Bitcoin loses 2.00% today, dropping below the 100k USD barrier. The decline continues despite yesterday's dynamic sell-off following the FOMC decision.

In the cryptocurrency market, sentiment over the past 24 hours has not been very positive. Among the main factors supporting the current strong supply are:

• Declines in the broader market after yesterday's FOMC conference, during which Powell took a more hawkish tone and pointed to a more restrictive Fed stance in 2025. Theoretically, everything indicated such a pivot, but the markets seemed unfazed.

• El Salvador's agreement with the IMF, which involves strong limitations on the country's pro-cryptocurrency policy. El Salvador received a $1.4 billion loan agreement from the IMF on the condition that it agrees to restrict its Bitcoin policies. Under the agreement, El Salvador will allow companies to voluntarily accept Bitcoin as a means of payment while ensuring that taxes will continue to be paid exclusively in U.S. dollars, not BTC. For the public sector, transactions and purchases involving Bitcoin will be limited.

• Sustained high supply from long-term investors.

Bitcoin (D1 interval)

Bitcoin is down over 2.00% today to 98,000 USD, returning to the consolidation channel prior to breaking above the 100,000 USD barrier. Currently, the first support for bulls is in the 97,000-98,000 USD area. Assuming an average correction from previous cycles of over 20%, the sell-off could potentially stop around 86,000 USD.

Source: xStation 5