Bitcoin Updates: Bitcoin's Support Level May Influence UNI's Future
- Bitcoin hits six-month low near $95,000 as technical indicators signal bearish momentum below key Fibonacci levels. - UNI traders monitor $94,000-$95,000 zone, linked to Bitcoin's support, amid $1.1B ETF outflows and U.S. government shutdown pressures. - Analysts cautiously optimistic about short-term rebound if Bitcoin stabilizes above 61.8% Fibonacci level at $94,253. - Macroeconomic factors including rare earths trade talks and rate expectations remain critical for crypto market sentiment.
With the cryptocurrency sector experiencing a widespread downturn, those trading
Technical signals point to increasing
Wider market conditions are also contributing to the negative outlook. Limited liquidity, intensified by the recent U.S. government shutdown, has added to the downward pressure on cryptocurrencies. Last week, U.S. spot bitcoin ETFs saw outflows exceeding $1.1 billion, deepening the selloff. Still, some analysts remain cautiously hopeful. Edward Carroll from MHC Digital Group commented that liquidity challenges and changing interest rate expectations are temporary obstacles, and renewed government spending could help revive the market.
For those trading UNI, the main focus is whether Bitcoin can stabilize around $94,000-$95,000, as this could spark renewed risk appetite across crypto assets. Rachael Lucas from BTC Markets pointed out that Bitcoin’s current decline is more about tight funding conditions than a fundamental weakness. A move back up to the 38.2% Fibonacci level at $106,453 may renew interest in altcoins like UNI, which often track Bitcoin’s performance.
At the same time, macroeconomic developments remain important. The U.S. Treasury’s recent statements about aiming to resolve the rare earths dispute with China by Thanksgiving are intended to reduce global economic uncertainty, while upcoming reports on inflation and trade balances could further sway market sentiment.
In the near term, UNI traders should keep an eye on Bitcoin’s action around the 50-week EMA at $103,000. A decisive drop below this point would confirm a bearish outlook, but a bounce could indicate the correction is ending. As the market anticipates improved liquidity and possible U.S. rate cuts, strategic investors are preparing for a potential recovery in the $94,000-$95,000 zone.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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