(MENAFN- Daily Forex) Data from TradingView shows that King Crypto rallied to a three-week high of $116,450 on Monday, only for bears to regain the upper hand and push BTC back toward lower support levels.

BTC/USD 1-day chart. Source: TradingView

Wednesday's interest rate cut announcement – and subsequent hawkish comments from Powell that“A further reduction in the policy rate at the December meeting is not a foregone conclusion... far from it” – further diminished any momentum with the bulls, resulting in Bitcoin falling to a low near support at $109,000.

While many were quick to suggest this as a bearish sign of things to come, experienced crypto analysts, including Ted Pillows, noted before the rate cut announcement that Bitcoin had fallen 6-8% following the previous three FOMC meetings, only to rally to new highs afterwards.

Market analyst BitBull outlined two possible scenarios that would follow the FOMC, and thus far, scenario one is playing out, in which he predicted“A dump after FOMC towards $106,000-$107,000 level. After that, a reversal and a new ATH.”

BTC/USDT 8-hour chart. Source: X

“I'm still expecting the BTC top is not in, and there's one big leg up left,” BitBull added.

He is not alone in suggesting that it won't be long before Bitcoin hits a new record high and launches into uncharted territory.

“The path is clear. #Bitcoin is about to go on a vertical move nobody expects,” wrote MN Consulting founder Michaël van de Poppe.“$ETH is about to follow through. Rate cuts are coming through in the coming period, as labor markets are getting weaker. I expect the actual move to occur in the coming days and a new ATH for $BTC in the next month.”

And according to analyst CarpeNoctum, gold's recent breakout hints at a positive future for Bitcoin, with history showing digital gold largely tracks the price movement of the yellow metal with a 70-day offset.

At the time of writing, Bitcoin trades at 109,406, an increase of 0.5% on the 7-day chart Surges Higher on ETF Launch

While much of the crypto market is struggling to fend off the bears and hold support, Hedera (HBAR) is up 20% on the week, in large part due to the launch of the first HBAR exchange-traded fund (ETF) in the U.S.

Tuesday saw the launch of Canary Capital's $HBR ETF, which tracks the price of HBAR. On both its first and second days of trading, it saw roughly $8 million in volume, according to Bloomberg ETF analyst Eric Balchunas, who noted that this is a strong performance, as“most ETFs drop after day one hype is over.”

Data from TradingView shows that since hitting a low of $0.161 on Oct. 22, HBAR rallied to a high of $0.22 on Tuesday amid excitement over the launch of $HBR.

HBAR/USD 1-day chart. Source: TradingView

Hedera has since pulled back to support at $0.20, which technical analyst Charting Guy noted put it right at the downtrend line, a level that still needs to be surpassed before traders will get excited.

Market analyst Crypto Tony largely agreed, noting that a reclaim of support at $0.21 would be the signal to open a long position in HBAR.

And according to technical analyst ChartNerd, the fractal for HBAR's 2021 performance suggests the bull cycle high this time around could be $1.80.

At the time of writing, HBAR trades at $0.20, an increase of 20.15% on the 7-day chart.

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