The expert predicted the further movement of the bitcoin price after the fall

Last week was one of the busiest of the year for bitcoin: the price fell by 9.47% to $86,830, touching a low of $80,600 on Friday. The key events were a sharp decrease in expectations of easing the policy of the US Federal Reserve. Vasily Girya, the owner and CEO of GIS Mining, told Izvestia about this on November 24.

"The probability of a December rate cut dropped below 30%. An outflow of $3.1+ billion from ETFs in three weeks, and a record purchase of Strategy — 8,178 BTC at $102,171. Despite the rebound over the weekend, the market has not gained a foothold above $87,000, the critical line beyond which the recovery zone begins," he said.

On-chain data shows accumulation among large market participants, but the lack of volume in the rebound suggests that retail demand and institutional confidence have not yet returned.

In the coming days, according to Geary, everything will depend on macro statistics: the consumer confidence index will be released tomorrow, and on November 26, the second estimate of GDP for the third quarter and, most importantly, the PCE Core deflator, the Fed's favorite indicator of inflation. These data will directly affect the final probability of a rate cut on December 10.

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GIS Mining estimates that technically, bitcoin urgently needs a sustained break above $87,000, or better yet, into the $90,000—$93,000 area to offset the "bearish" efforts. If there is a failure below $84,000, there is a high probability that a downward impulse will begin in the $77,000–$75,000 zone.

"Given the weak volume of the rebound and ongoing macroeconomic pressures, the nearest scenario is a range consolidation of $83,000—$89,000 before the release of PCE Core data. An upward break is possible only with clearly dovish inflation data and support from index futures," the expert said.

It is important to note that against the background of high volatility and declining capitalization of the digital currency market, the Russian segment of industrial mining continues to develop steadily. Since the beginning of autumn, institutional customers from Russia and friendly countries of the world have continued to increase their demand for hosting services and modernization of computing equipment. Their investment strategies in digital currency mining are designed for the medium and long term, from 1.5 to 3 years. Against the background of the market drawdown, the race for digital capacities and digital resources does not reduce momentum.

Prior to that, on November 14, it was reported that the bitcoin exchange rate had fallen by more than $95,000, dropping to its lowest levels since early May. As of 15:41 Moscow time, the price of bitcoin fell by 7.97% and reached the level of $ 94,863. A few minutes later, by 15:45 Moscow time, bitcoin was trading at around $94,900.

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