#Bitcoin breaks support level#
Hot Topic Overview
Overview
Bitcoin is currently at risk of losing key support levels, having broken below the support zone between $90,000 and $93,000. This is linked to the recent decline in risk assets, driven by the rise in the US Dollar Index and US Treasury yields following Friday's Nonfarm Payrolls report. The belief that the Fed's rate cut cycle has ended, with Bank of America even suggesting a potential rate hike, has further fueled Bitcoin's fall. Despite this, MicroStrategy founder Michael Saylor has indicated a potential further purchase of Bitcoin, which could impact market sentiment. Currently, there is a widespread view that Bitcoin will dip to $70,000 before rebounding.
Ace Hot Topic Analysis
Analysis
Bitcoin is currently at risk of losing key support levels, primarily due to the decline in risk assets, while the dollar index and US Treasury yields are benefiting from Friday's non-farm payrolls report. Bitcoin prices fell 2%, hovering between key support levels of $90,000 and $93,000. Some investment banks believe that the Fed rate cut cycle is over, and Bank of America has hinted at possible rate hikes, further increasing the risk of Bitcoin losing its support levels. Some observers believe that the price of Bitcoin could fall to $70,000 before rising again. Furthermore, the 30-day moving average of the Coinbase-Binance BTC price difference has fallen to its lowest level since at least 2019, indicating a weakening of US domestic demand.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin faces the risk of losing a key support zone as traders sell risky assets, sending prices lower.
Some investment banks believe the Fed's rate-cutting cycle is over, and Bank of America hinted at a possible rate hike, adding to the risks of a Bitcoin decline.
The consensus is that the Bitcoin price will drop to $70,000 before rising again.
Domestic demand in the US is weakening, and the 30-day moving average of the Coinbase-Binance BTC price differential has fallen to its lowest level since at least 2019.