The market reacted negatively to Federal Reserve Chairman Jerome Powell’s remarks about not needing to lower interest rates in December. This caused stocks, including the S&P 500 and Nasdaq, to drop, and Bitcoin suffered a brief dip before recovering. The Fedwatch tool on the CME Group website showed a decline in rate cut expectations from 80% to 58%, which now sits at 62.4%.
This negative reaction also led to a significant outflow of 4,450 Bitcoin from the U.S. Spot Bitcoin ETFs. While the short-term time frame for Bitcoin shows a shallow retracement, there are signs of potential bearish clouds on higher time frames.
