#Bitcoin Plunges Below $88,000, Could Accelerate Downward Trend#
Hot Topic Overview
Overview
Bitcoin is currently facing downside risks, with the short-term holder cost basis of $88,000 serving as a key support level. Analysts point out that if Bitcoin breaks below this support level, and there is sparse trading volume below it, 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 trigger further downside.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent drop below $88,000 has sparked market concerns. Analysts point out that $88,000 is the cost basis for short-term holders and a key support level. According to the URPD indicator, there is currently insufficient trading volume below this cost basis, meaning that if the support level is broken, there will be a lack of buying support and prices could accelerate downwards. This implies that if Bitcoin's price falls below $88,000, it could trigger further declines, as a lack of buying support could lead to an accelerated price drop. However, it remains unclear to what extent Bitcoin's price would fall after breaking this support level.
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, the price may accelerate downwards due to sparse volume below the support level and lack of buying support.
The URPD indicator can be used to assess the price trend of Bitcoin.