#Bitcoin breaks support level#
Hot Topic Overview
Overview
Bitcoin is currently at risk of losing a key support area, as its price has fallen below the support zone between $90,000 and $93,000. This is primarily due to a selloff in risk assets, as the US dollar index and Treasury yields surged following the release of the Friday jobs report. Additionally, some investment banks believe the Federal Reserve’s rate-cutting cycle has ended, with Bank of America even hinting at potential interest rate hikes, further fueling negative sentiment towards Bitcoin. While Michael Saylor stated that MicroStrategy might purchase Bitcoin again, analysts believe this may not be enough to reverse market sentiment. Some observers predict that Bitcoin prices will fall to $70,000 before rallying again. Meanwhile, the 30-day moving average of the Coinbase-Binance BTC price differential has fallen to its lowest level since at least 2019, indicating weakening domestic demand in the US.
Ace Hot Topic Analysis
Analysis
Bitcoin is currently facing the risk of losing key support levels, primarily driven by the decline in risk assets and the rise in the US Dollar Index and Treasury yields following the release of the Nonfarm Payrolls report. Bitcoin prices have fallen by 2%, hovering between key support zones of $90,000 and $93,000. Some investment banks believe that the Fed's rate-cutting cycle has ended, with Bank of America even hinting at potential rate hikes, further increasing the risk of Bitcoin decline. Additionally, 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. While some observers believe that Bitcoin prices could fall to $70,000 before rebounding, market sentiment remains negative, and the risk of Bitcoin losing its support levels is high.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin faces the risk of losing key support levels as traders dump risky assets.
The dollar index and US Treasury yields are rising, putting pressure on Bitcoin.
Some investment banks believe the Fed's rate-cutting cycle has ended, and Bank of America has hinted at possible rate hikes, further increasing the risk of a Bitcoin drop.
Consensus believes Bitcoin prices will drop to $70,000 before rising again.