Inside the Latest Bitcoin Move

After printing a fresh all-time high near $124K, Bitcoin has entered a consolidation phase, reflecting a mix of macro and on-chain dynamics. Despite strong long-term confidence, short-term sentiment remains cautious as the market grapples with Federal Reserve policy shifts, trade tensions, and liquidation waves.

Let’s break down the current setup, from fundamentals to technicals, and what could drive Bitcoin’s next major move.

Table of Contents

1. Federal Reserve Impact and Macro Environment
2. Trade and Liquidity Headwinds
3. On-Chain Data and Liquidations
4. Technical Structure and Price Levels
5. What’s Needed for the Next Bullish Leg
6. Key Upcoming Catalysts
7. Final Outlook

1. Federal Reserve Impact and Macro Environment

The Fed’s latest 25bps rate cut was widely anticipated, but Chair Jerome Powell’s cautious tone on future cuts curbed enthusiasm across risk assets.
Adding pressure, heavy Treasury issuance drained liquidity from financial markets, a dynamic that historically weighs on speculative sectors like crypto.

This combination of restricted liquidity and hawkish undertones from Powell led to a prolonged downside movement on the asset.

2. Trade and Liquidity Headwinds

Beyond monetary policy, the U.S.–China tariff situation continues to inject uncertainty into global risk sentiment.
Meanwhile, a sharp spike in leveraged long liquidations, totaling $890 million in 24 hours, accelerated selling pressure and pushed the Crypto Fear & Greed Index back into “fear” territory.

3. On-Chain Data and Liquidations

Despite near-term volatility, on-chain data remains constructive.
Long-term holders have continued accumulating, a sign of underlying conviction that the broader trend remains intact.
However, momentum indicators like RSI and MACD show fragile strength, suggesting that Bitcoin needs renewed catalysts to break decisively higher.

4. Technical Structure and Price Levels

From a technical standpoint, Bitcoin respected pullback zone around $107K, a level previously marked on MRKT, and has since rebounded strongly.
Both higher-timeframe (HTF) and intraday structures remain bullish, supporting a potential continuation toward the next resistance zone near $113.5K, which aligns with MRKT bullish target.

As long as the $107K support holds, the bullish market structure remains valid.

5. What’s Needed for the Next Bullish Leg

For Bitcoin to regain momentum and push toward new highs, several conditions need to align:

• Dovish remarks from upcoming Fed speakers could ease pressure on risk assets.
• Historical November strength, with average BTC gains of ~10%, could act as a seasonal tailwind.
• Growing long-term holder supply continues to signal deep investor confidence in the asset’s future.
• Global macro uncertainty increases demand for BTC as digital hedge.

Together, these factors could help BTC reclaim momentum toward $113.5K and beyond.

6. Key Upcoming Catalysts

Market participants are awaiting speeches from Fed officials next week as well as other important economic data which are crucial in determining whether Bitcoin extends its rebound or remains trapped in consolidation.
Traders should monitor MRKT’s live headlines for any dovish commentary or major economic updates that could influence short-term volatility.

7. Final Outlook

Despite the recent flush following Powell’s hawkish stance, Bitcoin’s structure remains intact.
Support held firm, and no major technical breakdown occurred.
While sentiment is cautious, the broader trend is still bullish, and the market appears to be gearing up for its next move, potentially toward the $113.5K region.