(MENAFN- Daily Forex)

• Bitcoin rallied early on Wednesday before giving back gains amid ongoing uncertainty.
• The market remains tied to risk appetite and Federal Reserve policy expectations, with key technical focus around the $100,000 and $110,000 levels.

Bitcoin initially rallied during the trading session on Wednesday but gave back some of the gains fairly early as the market continues to experience a bit of an overhang. Ultimately, this market remains highly sensitive to risk appetite, so we'll have to see how that dynamic unfolds. It is worth noting that market participants continue to view the Federal Reserve as a major catalyst, and if the Fed does start cutting rates, Bitcoin could see renewed buying interest.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Money Flowing from Gold to BTC? I Don't Think So.

There has been some talk online suggesting that money is rotating out of gold and into Bitcoin, but I don't necessarily believe that's the case. The reality is that Bitcoin continues to struggle to move higher, and we may find ourselves stuck in a consolidation range for some time. The market has been quite volatile lately, and traders will remain focused on key technical levels, particularly $100,000, which carries strong psychological significance, and $110,000, which does as well.

EURUSD Chart by TradingView

At the moment, Bitcoin appears to be edging toward the $110,000 level, which is also supported by the 200-day EMA. That could serve as a potential floor for the market, though we'll have to wait and see. It seems likely that any pullback toward $110,000 will attract buyers, especially if the Federal Reserve adopts an increasingly dovish monetary stance. This could be the biggest factor, so make sure you are aware of the reality of what the Federal Reserve is going to be doing. Yes, they haven't been that clear over the last few years, but ultimately, if central banks are loose, this tends to help Bitcoin.

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