#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 recently fell below $88,000, raising concerns about its future trajectory. Analysts point out that $88,000 is the cost basis for short-term holders, a level crucial for Bitcoin's price movement. According to the URPD indicator, there is currently insufficient trading volume below this cost basis, implying that a break below this level could lead to further declines. With a lack of buying support, prices could accelerate downwards. Therefore, the $88,000 cost basis for short-term holders has become a key support level for Bitcoin's price movement, and its ability to hold will determine the future price trend.
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 declines.
After breaking below $88,000, there is sparse volume below the support level, lacking buying support.
The URPD indicator can be used to observe the volume below the STH cost basis.