#Bitcoin Plunges Below $88,000, Could Accelerate Downward Trend#
Hot Topic Overview
Overview
Currently, Bitcoin price is facing the risk of a decline. Analysts point out that $88,000 is the cost basis for short-term holders and also a key support level. If Bitcoin breaks below this level, the price may accelerate downwards due to sparse trading volume below this support level and lack of buying support. The URPD indicator shows that there is insufficient trading volume below the STH cost basis, further supporting this view.
Ace Hot Topic Analysis
Analysis
Currently, Bitcoin has fallen below $88,000, a level that represents the cost basis for short-term holders and a key support level. According to the URPD indicator, there is sparse volume below this level, indicating a lack of buying support and potentially accelerating the decline. Breaking below this cost basis could lead to further downside. The cost basis for short-term holders is a crucial level for assessing Bitcoin's price movement, and its breakdown signifies declining market confidence, potentially triggering more selling.
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 downside.
After breaking below $88,000, the price could accelerate downwards due to sparse volume below the support level and lack of buying support.
The URPD indicator can be used to observe the volume below the STH cost basis and determine whether the support level is valid.