Bitcoin (BTC) plunged while gold rallied, as traders brushed off President Donald Trump’s “amazing meeting” with Chinese leader Xi Jinping following their summit on easing trade tensions between the world’s largest economies.
Lack of Meeting Details, Powell Remarks Send Bitcoin Lower
The top cryptocurrency fell by circa 3.50% to around $108,000 on Thursday, mirroring downside moves across Asian stocks and US futures. Conversely, gold jumped 1.50%, reversing after suffering four days of consecutive sell-off.
Anna Wu, cross-asset strategist at VanEck Associates Corp., blamed “lack of detail” from the Trump-Xi meeting as the core reason behind today’s sell-off across risk assets, noting that the medium-term outlook remains volatile.
Federal Reserve Chair Jerome Powell cautioned investors against expecting another rate cut in December, highlighting divisions within the Fed over inflation and jobs.
His remarks followed a 10-2 FOMC vote to trim rates by 25 basis points to 3.75%–4%. The split decision, with one member favoring a deeper cut and another no change, and a government data freeze, has intensified uncertainty in markets, weighing on Bitcoin and risk assets.
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Thursday’s Doji candlestick, marked by a long lower wick, reflects a bullish rejection near the 200-day exponential moving average (EMA) around $108,000, reinforcing the zone as strong support.
A continued bounce from this level could lift BTC toward the neckline resistance at approximately $115,300.
A decisive breakout above that barrier would confirm the IH&S formation, suggesting an upside target equal to the height of the pattern. That projection implies a potential rally toward $126,000–$128,000, a new all-time high, by year’s end.
Momentum indicators like the RSI are stabilizing near neutral levels, giving bulls enough room for a sustained recovery. As long as Bitcoin holds above the 200-day EMA, the broader technical bias remains firmly to the upside.