Bitcoin Drops Below $110k: Market Reactions and Outlook for November

Bitcoin’s price experienced a significant decline Wednesday, dipping below $110,000 as bearish sentiment emerged following Federal Reserve Chairman Jerome Powell’s speech. While a rate cut was confirmed, market expectations and subsequent sell pressure triggered substantial liquidations, exceeding $307 million in value on Wednesday alone. Analysts anticipated at least three more rate cuts before year-end. However, Powell highlighted concerns surrounding the government shutdown, persistent inflation, and potential tariff impact, dampening investor confidence.