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10x Research: The market's expectations for future Fed rate cuts have become cautious, suppressing demand for risk assets.
On November 2, 10x Research published that “Bitcoin (BTC is currently below the 7-day moving average: bearish, below the 30-day moving average: bearish, with a rise of +1.8% over the past week) fell after comments from Fed officials, leading to cautious expectations of future interest rate cuts and suppressing demand for risk assets. MicroStrategy announced quarterly profits, benefiting from its Bitcoin holdings, which further reinforced institutional demand. The momentum for U.S. encryption legislation and ETF applications continues to strengthen, sustaining the long-term bullish sentiment for Bitcoin. Amid the interplay of macro factors and institutional capital strength, BTC fluctuated around the low of $110,000, with price movement clearly influenced by policies and capital flows.”