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Bitcoin Updates: Bitcoin's Support Level May Influence UNI's Future

Bitcoin Updates: Bitcoin's Support Level May Influence UNI's Future

Bitget-RWA2025/11/17 06:32
By:Bitget-RWA

- Bitcoin hits six-month low near $95,000 as technical indicators signal bearish momentum below key Fibonacci levels. - UNI traders monitor $94,000-$95,000 zone, linked to Bitcoin's support, amid $1.1B ETF outflows and U.S. government shutdown pressures. - Analysts cautiously optimistic about short-term rebound if Bitcoin stabilizes above 61.8% Fibonacci level at $94,253. - Macroeconomic factors including rare earths trade talks and rate expectations remain critical for crypto market sentiment.

With the cryptocurrency sector experiencing a widespread downturn, those trading

, the governance token for the decentralized exchange, are paying close attention to the $94,000-$95,000 range as a potential entry point.
Bitcoin Updates: Bitcoin's Support Level May Influence UNI's Future image 0
This price area coincides with significant technical support zones highlighted by Bitcoin’s latest movements, which many experts consider a key indicator for the overall digital asset market. On the weekly chart, Bitcoin has experienced a of $126,199, reaching a six-month low near $95,933 at the start of November.

Technical signals point to increasing

. Bitcoin’s weekly RSI has dropped to 41, falling below the neutral 50 mark, and the MACD histogram remains negative, indicating the downward trend may persist. On the daily chart, was rejected at the 38.2% Fibonacci retracement level of $106,453 and has since fallen to about $96,900. Should the price close under the daily support at $97,460, it may challenge the 61.8% Fibonacci level at $94,253. Market participants are watching to see if Bitcoin can maintain support above this crucial threshold, as a drop below could push the correction toward the 100-week EMA at $85,508.

Wider market conditions are also contributing to the negative outlook. Limited liquidity, intensified by the recent U.S. government shutdown, has added to the downward pressure on cryptocurrencies. Last week, U.S. spot bitcoin ETFs saw outflows exceeding $1.1 billion, deepening the selloff. Still, some analysts remain cautiously hopeful. Edward Carroll from MHC Digital Group commented that liquidity challenges and changing interest rate expectations are temporary obstacles, and renewed government spending could help revive the market.

For those trading UNI, the main focus is whether Bitcoin can stabilize around $94,000-$95,000, as this could spark renewed risk appetite across crypto assets. Rachael Lucas from BTC Markets pointed out that Bitcoin’s current decline is more about tight funding conditions than a fundamental weakness. A move back up to the 38.2% Fibonacci level at $106,453 may renew interest in altcoins like UNI, which often track Bitcoin’s performance.

At the same time, macroeconomic developments remain important. The U.S. Treasury’s recent statements about aiming to resolve the rare earths dispute with China by Thanksgiving are intended to reduce global economic uncertainty, while upcoming reports on inflation and trade balances could further sway market sentiment.

In the near term, UNI traders should keep an eye on Bitcoin’s action around the 50-week EMA at $103,000. A decisive drop below this point would confirm a bearish outlook, but a bounce could indicate the correction is ending. As the market anticipates improved liquidity and possible U.S. rate cuts, strategic investors are preparing for a potential recovery in the $94,000-$95,000 zone.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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