Bitcoin, Ethereum, Dogecoin Drop After Fed Minutes Casts Shadow Over Interest Rate Cuts: Top Analyst Says BTC Must Claim $100K To Overcome Bearish Outlook

Benzinga01-09 11:56

Leading cryptocurrencies dropped further on Wednesday as Federal Reserve minutes painted a bearish outlook for risk-on assets. CryptocurrencyGains +/-Price (Recorded at 10:15 p.m. ET)Bitcoin BTC/USD-...

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A drop in Open Interest, coming alongside a drop in price, also indicated the liquidation of long positions. \nDespite this, over 63% of traders on Binance were going long, according to the Long/Short Ratio, suggesting that they were buying the dip.\nThe market sentiment remained one of \"Greed,\" according to the Crypto Fear & Greed Index.\nTop Gainers (24-Hours)\nCryptocurrencyGains +/-Price (Recorded at 10:15 p.m. ET)GateToken (GT)+4.71%$18.41Worldcoin (WLD)+3.98%$2.61Monero (XMR)+3.59%$200.15\nThe global cryptocurrency market capitalization stood at $3.34 trillion, down 1.63% in the last 24 hours.\nStocks recovered after Tuesday’s slump. The Dow Jones Industrial Average gained 106.84 points, or 0.25%, to close at 42,635.20. The S&P 500 added 0.16%, ending at 5,918.25. The tech-focused Nasdaq Composite was the outlier, dipping 0.06% to 19,478.88.\nThese moves coincided with the release of minutes from the Dec. 18 Federal Reserve meeting, which indicated a slower pace of rate cuts through 2025.\nYields on U.S. sovereign debt rose again. The benchmark 10-year Treasury yield hit 4.7%, its highest since late April.\nSee More: Best Cryptocurrency Scanners\nAnalyst Notes: Widely followed cryptocurrency analyst Ali Martinez said Bitcoin needs to reclaim $100,000 to invalidate the bearish narrative and resume its march to new all-time highs.\nIn an earlier post, Martinez highlighted the strong resistance offered to the leading cryptocurrency between $98,000 and $100,000.\n\nOn the other hand, #Bitcoin $BTC must reclaim $100,000 to invalidate the bearish outlook and set its sights on new all-time highs.https://t.co/9jCXGS06zP— Ali (@ali_charts) January 8, 2025\n\nMichaël van de Poppe, another popular cryptocurrency market commentator, underlined his points of interest on the Bitcoin chart. \n\"I expected the markets to break out and start the bull at $100,000, but nope,\" Van De Poppe said. \"Likely taking liquidity beneath the lows and revert back upwards. $90-92,000 is the region.\"\n\nTwo points of interest remain the same on #Bitcoin.I expected the markets to break out and start the bull at $100K, but nope.Likely taking liquidity beneath the lows and revert back upwards.$90-92K is the region. pic.twitter.com/ZrPmrkyFlf— Michaël van de Poppe (@CryptoMichNL) January 8, 2025\n\nPhoto by Igor Faun on Shutterstock\nRead Next:    \n\nGary Gensler Says 10,000-15,000 Projects Won’t Survive, Crypto Market Is ‘Wrapped Up In Sentiment’\n BTCGrayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest$41.61-2.64%WatchlistOverview$BTCBitcoin$93822.28-1.30%$DOGEDogecoin$0.3379-1.27%$ETHEthereum$3314.05-0.38%Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. 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