#Bitcoin Plunges Below $88,000, Could Accelerate Downward Trend#
Hot Topic Overview
Overview
Bitcoin 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 this level is broken and there is sparse volume below, it would indicate a lack of buying support and could lead to an accelerated decline in price. 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 downside. The URPD 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, the short-term holder cost price of $88,000 remains a crucial level for assessing Bitcoin's price trajectory, 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 holders' cost basis ($88,000) is a key support level.
Breaking below $88,000 could lead to further downside.
After breaking below $88,000, the price could accelerate downwards due to sparse volume below this support level and lack of buying support.
The URPD indicator can be used to assess the price movement of Bitcoin.