Standard Chartered Bank: Bitcoin's recent price trend may test support levels in the $69000-76500 range

According to The Block, Geoff Kendrick of Standard Chartered Bank expressed concerns about the recent prospects of Bitcoin and MicroStrategy (MSTR), believing that Bitcoin prices may face volatility near a key support level. He pointed out that the price range of $69000 to $76500 on November 6, 2024 (the day after the US election) is a key potential support zone for Bitcoin, and the trend of this range may determine its short-term trajectory. Kendrick stated that if the price of Bitcoin falls into the range of $69000 to $76500, it will be closer to MicroStrategy's average purchase price of $65000, making it a critical level that needs to be closely monitored. He mentioned that MicroStrategy is currently within this price range and has been hovering around this level for several days, but has not yet fallen below it. He emphasized that although it is unlikely to reach $65000 in the short term, this price level is still worth noting. In addition, Kendrick also pointed out that Bitcoin has a strong correlation with major stock indices, and broader market trends will affect the price of cryptocurrencies. Although former President Donald Trump's recent post on Truth Social about US cryptocurrency reserves has sparked some speculation, Kendrick believes that the 5% drop in Nasdaq futures since the last US market opening has had a greater impact on Bitcoin's decline.