#Bitcoin Plunges Below $88,000, Could Accelerate Downward Trend#
Hot Topic Overview
Overview
Bitcoin price is currently facing downward pressure, with the short-term holder cost basis of $88,000 serving as a key support level. According to the URPD indicator, if the price breaks below this cost basis and there is sparse volume below the support level, it suggests a lack of buying support and could lead to an accelerated decline. Analysts believe that the short-term holder cost basis of $88,000 remains a crucial level for assessing Bitcoin's price movement, and a break below this level could trigger further downside.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent drop below $88,000 has sparked market concerns. Analysts point out that $88,000 is the cost basis for short-term holders, and a decisive loss at this level could lead to further declines. The URPD indicator shows insufficient trading volume below this cost basis, indicating a lack of buying support. This means that if Bitcoin breaks below $88,000, the price could accelerate downwards as there is no buying power to support it. Therefore, $88,000 has become a key support level for Bitcoin's price movement, and its breakthrough will have a significant impact on future price trends.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin short-term holders cost basis ($88,000) is a key support level
Breaking below $88,000 could lead to further declines
URPD indicator shows that after breaking below $88,000, there is a lack of buying support
The price may accelerate downwards