#Bitcoin breaks support.#
Hot Topic Overview
Overview
Bitcoin recently broke below support levels and is now at risk of losing a key support zone. Overall risk assets are down, with the US dollar index and US Treasury yields rising, linked to Friday’s Non-Farm Payrolls report. Bitcoin fell 2% and is trading within a key support zone between $90,000 and $93,000. Other cryptocurrencies saw larger losses. Some investment banks believe the Fed’s easing cycle is over, and Bank of America suggested a potential rate hike, which has exacerbated Bitcoin’s risk of losing the support zone. Some observers believe that Bitcoin prices may drop to $70,000 before rebounding. The 30-day moving average of Coinbase-Binance BTC price differences has fallen to its lowest level since at least 2019, indicating weakening domestic demand in the US.
Ace Hot Topic Analysis
Analysis
Bitcoin recently fell below its support level, mainly due to the overall decline in risk assets, the rise of the US dollar index and US Treasury yields. This is related to Friday's non-farm payrolls report, which showed a strong US economy, weakening the market's expectations for a Fed rate cut and instead increasing the likelihood of a rate hike. In addition, some investment banks believe that the Fed's rate-cutting cycle is over, which has further fueled market sell-offs in risk assets.Bitcoin prices have fallen to a key support zone between $90,000 and $93,000, and some observers expect the price to fall to $70,000 before rising again. Meanwhile, the 30-day moving average of the Coinbase-Binance BTC price difference has fallen to its lowest level since at least 2019, indicating weakening domestic demand in the US.Besides macroeconomic factors, AI agent tokens have also experienced a deep adjustment, with AI16z dropping more than 60% from its all-time high. This suggests that market enthusiasm for the AI sector is cooling down, which also has a negative impact on the cryptocurrency market, including Bitcoin.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin faces risk of losing key support levels as traders sell risk assets, leading to price declines.
Bank of America hints at possible interest rate hikes, which would put pressure on the cryptocurrency market and could lead to further declines in Bitcoin's price.
Some investment banks believe the Fed's rate-cutting cycle is over, which would lead to reduced market liquidity and could negatively impact Bitcoin prices.
The 30-day moving average of the Coinbase-Binance BTC price difference has fallen to its lowest level since at least 2019, suggesting weakening domestic demand in the U.S. and potentially leading to declines in Bitcoin's price.