Bitcoin falls to the $112,000 range... Market sees ”cautious optimism”

Major cryptocurrencies are all showing a downward trend. Expectations that were formed immediately after the Federal Open Market Committee (FOMC) announced an interest rate cut have cooled, and investors are waiting for new momentum.
According to the cryptocurrency market website CoinMarketCap, as of 4:20 PM on the 22nd (Japan time), Bitcoin was down 2.55% from 24 hours earlier to 110,000.
It is trading at $2,764 (approximately 16.68 million yen). Ethereum is down 6.39% to $4,197 (approximately 620,000 yen), and XRP is down 6.21% to $2.81 (approximately 416 yen).
Solana fell 6.79% and DoZico fell 10.65%. Bitcoin fell last week after the US Federal Reserve cut its base interest rate by 0.25%.
As a result, the sentiment for risky assets was revived, and the price rose to the $118,000 range. However, the upward momentum did not continue after that. According to "The Block," BTSE
Chief Operating Officer Jeff May said, "Since the Fed has made it clear that it will decide whether to further cut interest rates at each meeting, it is difficult to expect a rapid pace of easing."
At a press conference, Fed Chairman Jerome Powell described the latest interest rate cut as a "former risk management decision" and said, "We will implement additional cuts with a sense of urgency."
"I don't see the need for a pullback," he said. However, market experts believe that this correction does not mean the end of the bull market.
"The fireworks-like rally at the beginning of the year has died down, but long-term holders aren't selling," said Rachel Lucas, a senior analyst at the firm. "Investor sentiment is more one of 'cautious optimism' than fear."
He added, "Only when Bitcoin breaks through $124,000 (approximately ¥18.33 million) can it be determined that it has entered a new uptrend."
Ta.