Bitcoin Stabilizes Near $109K: Anticipation Builds for November Rally Amid Fed Pressure
Bitcoin has stabilized around the $109,000 level, as traders cautiously anticipate a potential seasonal rally in November. This is despite the recent pressure from hawkish comments by the Federal Reserve and global economic uncertainty.
The world’s largest cryptocurrency experienced volatility this week, plummeting from highs near $115,000 to briefly touch $106,000 before recovering. Fed Chair Jerome Powell’s unexpected hawkish stance, suggesting December rate cuts are “far from a foregone conclusion,” sent shockwaves through risk assets, including Bitcoin.
Technical analysis reveals Bitcoin is trading in a tight range between key support at $109,208 and resistance near $115,600. Historically, November has been one of Bitcoin’s strongest months, delivering an average 42.5% gain since 2013 and an 11.2% median return.
“If support holds above $110,000, we could easily see a 10 to 20% rebound toward $120,000 to $140,000 by the end of the month,” says Rachel Lin, Co-Founder and CEO of SynFutures. This optimism is bolstered by continued Bitcoin ETF inflows and institutional accumulation, with ETFs now holding over 6% of Bitcoin’s total supply.
Despite short-term pressure, analysts remain cautiously optimistic as the market transitions from October’s failed “Uptober” rally to November’s historically stronger performance.
Source: Bitcoin Magazine