#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. Analysts point out that if Bitcoin breaks below this level, and there is sparse trading volume below this support, it would indicate a lack of buying support and the price could accelerate downwards. The URPD indicator shows that there is insufficient volume below the STH cost basis, suggesting that a decisive loss of this level could lead to 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 (Unrealized Price Distribution) indicator shows insufficient trading volume below the STH cost basis, indicating a lack of buying support. If Bitcoin breaks below $88,000 with sparse volume below this support level, it suggests that the price could accelerate downwards. Therefore, $88,000 has become a crucial support level for Bitcoin's price movement, and its breach will have a significant impact on the market.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin short-term holder cost basis ($88,000) is a key support level.
Breaking below $88,000 could lead to further declines.
After breaking below $88,000, the price could accelerate downwards due to sparse volume below the support level and lack of buying support.
The URPD indicator can be used to observe the volume below the STH cost basis, thus assessing the price movement of Bitcoin.