Bitcoin (CRYPTO: BTC) prices continued their downward trajectory on Thursday, falling 6.5% over the past 24 hours as markets digest the Federal Reserve meeting the day prior.

What Happened: CoinDesk senior analyst James Van Straten highlighted that Wedneday’s sell pressure totaled $2.7 billion (26,000 BTC)—the sixth-highest daily outflow this year.

While retail investors remain largely inactive, larger players are waiting patiently for optimal entry points, suggesting a bullish undertone in the market.

Trader Takes: Roman, a crypto trader, noted the 5% drop is minimal, attributing it to an overleveraged market. He sees the correction as a necessary step for Bitcoin to continue trending higher.

DonAlt, another trader, believes that while an additional leg down to $90,000 is possible, it could create attractive buying opportunities by liquidating altcoins.

Despite this, he does not view Bitcoin’s current chart as bearish, emphasizing that bearish sentiment is already prevalent.

Javon Marks compared the current chart to Bitcoin’s performance in 2023, suggesting the possibility of multiple massive rallies, potentially leading to a broader bullish breakout.

Also Read: Bitcoin Reserve Could Call US Solvency Into Question Critic Says, VanEck Exec Fires Back: ‘This Is Loserthink’

What’s Next: Fed Chair Jerome Powell’s statement, “We are not allowed to own Bitcoin,” has added fuel to market uncertainty.

Some traders have interpreted this as a dampening of Christmas cheer, with Powell’s comments being perceived as a broader market disruptor.

Market watchers are closely monitoring whether Bitcoin can stabilize at current levels or if further declines will trigger renewed buying interest.

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