Analyst: Bitcoin Falls Near $121,000, But "October Rising" Sentiment Unaffected

According to The Block's bitcoin price page, BTC has fallen 0.64% in the past 24 hours and is currently trading at $121,141. Compared to Monday's record high of $126,080, the decline is nearly 4%.
"Bitcoin's pullback after reaching a new all-time high was more of a short-term break than a trend turn," said Justin d'Anethan, analyst and head of partnerships at Arctic Digital. "Short-term holders took profits and some leveraged long positions were liquidated, but long-term positions were unchanged."
The cryptocurrency analyst also pointed out that inflows into spot cryptocurrency exchange-traded funds (ETFs) remain strong, and bitcoin balances on exchanges are at a six-year low. Darnison said the current market is affected by macro uncertainties, such as a strong dollar, high yields, and the lack of clarity on the Federal Reserve's stance on future interest rate decisions.
The United States is still in a state of continuous partial government shutdown, which analysts have previously pointed out will provide positive support for "safe haven" assets such as gold and bitcoin. Despite the mixed signals from Federal Reserve Chairperson Jerome Powell about future interest rate cuts, CME's "FedWatch Tool" shows that the market believes that the probability of the US central bank cutting interest rates again by the end of this month is as high as 94.6%.