According to blockchain analysis company Santiment, Bitcoin's price surged on Tuesday, marking "a much-needed rebound in three weeks," which prompted traders to "FOMO back in and anticipate higher prices."
According to TradingView, Bitcoin's price jumped to $94,625 on Coinbase during Tuesday's late trading, the highest since November 25.
Santiment noted that this led to a flood of calls for "higher" and "breakout" across various platforms.
However, it has started to pull back from that level, dropping to $92,400 at the time of writing, leaving analysts to speculate on what might happen next.
"The market trend is contrary to the behavior of small traders," Santiment stated, which seems to have occurred within hours after the monthly peak.
Some analysts warned that the recent rally could face challenges once the Federal Reserve meets on Wednesday.
According to the CME Group futures market, the Federal Reserve is expected to announce its interest rate decision on Wednesday, with an 88.6% probability of a 0.25% rate cut.
Jeff Mei, COO of BTSE exchange, told Cointelegraph, "Bitcoin may be rising due to rate cut expectations, but it's hard to judge what will happen after the Fed meeting ends tomorrow."
He cautioned that any hesitation regarding future rate cuts could be bearish for Bitcoin and the crypto market. According to CME futures prediction markets, there is a 21.6% probability of another 0.25% rate cut in January.
Analyst Sykodelic stated, "Any price action before the FOMC is hard to interpret, as tomorrow [Wednesday] will be very volatile."
Long-term Bitcoin investor "NoLimit" told his 53,000 followers on X that this movement is "pure manipulation." He continued to say that Bitcoin's sudden jump to $94,000 "doesn't look like a natural trend at all."
Analysts pointed out that a weak order book makes it cheap to push prices up, with a large number of market buy orders concentrated within minutes, followed by no continuation, "just an immediate stall."
Related: Stripe's stablecoin blockchain Tempo launches public testnet
Original article: “Bitcoin Reignites FOMO at $94K Level, But Fed May Douse This Rally”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
