Bitcoin continues to trade under pressure, remaining below the $112,000 resistance level. According to trader Michaël van de Poppe, the key breakout point is $112K, and a move above it could spark further bullish momentum.
His chart analysis reveals liquidity zones and key support areas between $106,000 and $107,000. Despite a recent bounce, Bitcoin declined more than 3% during early Thursday trading, reaching a low of $106,290.
This drop extended a week-long decline following the U.S. Federal Reserve’s widely expected rate cut. Market sentiment shifted after Fed Chair Jerome Powell signaled that another cut in December was not guaranteed.
Fed Caution Dampens Risk Appetite Across Markets
During the post-meeting press conference, Powell noted that while inflation was improving, there were “strongly differing views” within the committee. He confirmed that no firm decision had been made regarding a policy move in December. This uncertainty led traders to scale back their expectations for a rate cut.
Futures markets priced in only a 60% chance of a cut, down from nearly full certainty a day earlier. The two-year Treasury yield rose by 10 basis points, while the U.S. dollar strengthened. Risk assets, including equities and crypto, broadly retreated in response to Powell’s remarks and renewed macro uncertainty.
SpaceX Moves $471 Million in Bitcoin
On-chain data from Arkham Intelligence revealed that Elon Musk’s SpaceX moved 4,337 BTC in October, valued at approximately $472 million. One of the most recent transfers included 281 BTC, routed through Coinbase Prime, indicating institutional custody rather than direct selling.
The transfers involve a shift from legacy Bitcoin address formats to Taproot or SegWit-compatible addresses. SpaceX previously reduced its Bitcoin holdings during the 2022 downturn but still holds an estimated 7,258 BTC. Tesla, another company led by Musk, has approximately 11,509 BTC worth around $1.3 billion.