That is sad because it's very short term, and I do not understand why the market reacts the way it reacts knowing that it will be all for nothing in a few days anyways. I get that the rates didn't cut down like people hoped it would, and that did made the price go down. Like I get it, that's the reason, and I understand that, because if the rates were cut, the return on interest would be lower, and some people would take it out of the interest, and put it in bitcoin was the hope, and that did not happen so price went low. But why drop to 111k?
When you know it will be recovering, we know it will do better and it is not going to be that bad at all. We should expect it to be better on the long run, so why agree to sell at lower?
There are several reasons that cause Bitcoin to fall at the price of 111 thousand and although the trigger is not on slaughtering interest rates there may be other influences that make Bitcoin down at that price. Another example may be found in macroeconomic factors that are likely to contribute to the decline in bitcoin. But if asked specifically I cannot explain why the decline occurs because sometimes bitcoin is difficult to predict based on the performance that occurs in the market today.
This is also another part of the process we are discussing, and some traders consider this a momentum for liquidity pickup, so they try to manipulate the market direction, which ultimately affects Riter traders at the stop-loss stage used. This kind of price decline process also often occurs in Bitcoin because Riter traders also have influence. For the long -term process it might not be worried because after the price of getting a severe correction there will always be a recovery momentum to bring Bitcoin to reach ATH in the next cycle.