Bitcoin price breakouts continue to be rejected at $94,000, even as traders’ long-term view of US monetary policy and the crypto market turns bullish.
Bitcoin’s (BTC) price action remained underwhelming this week after another failed attempt to reclaim the monthly volume-weighted average price (VWAP), with BTC consolidating near $90,000 following the Federal Reserve’s 0.25% interest rate cut. The market continued to reject any meaningful push above $93,000, thereby limiting bullish momentum.
Key takeaways:
One Bitcoin analyst said that liquidity contraction is suppressing Bitcoin’s upside, reducing demand relative to sell pressure.
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