#Bitcoin Falls Below $90,000, Faces Potential 10% Pullback#
Hot Topic Overview
Overview
Recently, Bitcoin's price has fallen below $90,000, sparking market concerns. Geoff Kendrick, an analyst at Standard Chartered, warned that if Bitcoin breaks below the $90,000 support level, it could trigger spot ETF unwinding, leading to further declines in Bitcoin's price, potentially even retracing to $80,000. This warning is based on the ongoing macroeconomic selling pressure that could further exacerbate the downtrend in Bitcoin's price.
Ace Hot Topic Analysis
Analysis
Recently, the price of Bitcoin has fallen below $90,000, sparking market concerns. Standard Chartered Bank analyst Geoff Kendrick warned that if it breaks below the $90,000 support level, Bitcoin faces a 10% pullback risk, potentially dropping to $80,000. He believes that breaking the support level could trigger spot ETF liquidations, further intensifying selling pressure and leading to a decline in Bitcoin's price. This warning has sparked market concerns about the future trajectory of Bitcoin, and investors need to closely monitor market dynamics and invest cautiously.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin breaks below $90,000 support level, potentially triggering spot ETF liquidations
Macroeconomic sell-off pressure could further push Bitcoin lower
Bitcoin could pull back to the $80,000 lows
Bitcoin faces a 10% pullback risk