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Bitcoin, which started a spectacular rally after the US election and added a new all-time high to $108,000 last week, closed the week in the red for the first time since Trump’s victory. The largest cryptocurrency finished the week down 7% from last week.
As you may recall, the Fed cut interest rates by 25 basis points on Wednesday evening, as markets had expected, but Powell’s remarks at the press conference and other Fed members’ forecasts for 2025 led to the reduction. be
“It shouldn’t come below $90,000…”
Speaking to Bloomberg, Sean McNulty, one of the managers at Arbelos Markets, one of the liquidity providers, said that Bitcoin should hold the $90,000 level:
Bitcoin should not drop below 90 thousand dollars until the end of the year… if it does, the decline will be even tighter. We saw some defensive measures taken in response to the decline in the options markets last week. Put options for January, February and March were seen between $75,000 and $80,000.
As it is known, put options in futures transactions represent prices bought with the expectation that prices will go down.
Bitcoin, which traded at about $95,800 at the time of writing, is up about 38 percent since Election Day.
Bitcoin and cryptocurrency investors are especially looking forward to January 20, when Donald Trump will officially take office, and the days after.
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