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Bitcoin’s Rollercoaster Ride: From Glory to Grit! 🚀💥

Bitcoin Hits a Brick Wall After Soaring High!

Hold onto your hats, folks! Bitcoin just blasted through a jaw-dropping $124K, only to stumble and dip after shocking news from the Federal Reserve! Investors are on the edge of their seats as BTC finds a glimmer of hope at the $110K support level! Will it bounce back or crash into chaos?

The Daily Chart: A Shocking Shift!

On the daily chart, Bitcoin made a dramatic plunge below its long-standing upward channel! Is this the sign of a catastrophic trend reversal? But wait! Could the anticipated interest rate cut just be the jolt it needs? We’ve seen a powerful rebound right from $110K, where the market seems to have found its footing—aligning perfectly with the 100-day moving average!

The Relative Strength Index (RSI) is dangling around 50, indicative of total market confusion! Will BTC break through the resistance to shoot toward $130K or will it plummet toward the dreaded $100K terratory? Stay tuned—things are heating up!

4-Hour Chart: The Tipping Point!

Check this out! The 4-hour chart showcases a nail-biting moment: Bitcoin nearly skyrocketed to the $117K resistance zone after the market reacted like a coiled spring to the Fed’s announcement! Yet, hold your applause—this $117K level is a crucial wall that could slam the brakes on this rally!

If it fails to breach this resistance, we could see a swift retreat back to $112K or potentially CRASH even lower! A breakdown here could trigger a torrent of long liquidations, sending prices dangerously close to the vital $100K level! The stakes have never been higher!

Onchain Analysis: Funding Rates on FIRE! 🔥

The funding rates for Bitcoin are still clinging to positivity, suggesting that the bulls are still in charge, but don’t be fooled! The previous liquidation phases were just tiny bumps on this wild ride. Right now, the funding is nowhere near those crazy peaks we’ve seen during major price spikes, which means there’s still petrol in the tank for this bullish trend!

But caution is the name of the game! With a positive funding atmosphere comes the lurking danger of a MASSIVE liquidation cascade if key support levels are breached! One misstep, and we could plunge toward chaos!

Strap in, everyone—this Bitcoin rollercoaster is just getting started!