#Bitcoin Plunges Below $88,000, Could Accelerate Downward Trend#
Hot Topic Overview
Overview
Bitcoin price is currently facing downward pressure, with the short-term holder cost basis of $88,000 serving as a key support level. If this level is broken, the price could accelerate downwards due to sparse volume below and a lack of buying support. The URPD indicator shows 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, sparking market concerns about its price trajectory. Analysts point out that $88,000 is the cost basis for short-term holders, and a decisive loss at this level could lead to further declines. The URPD indicator shows insufficient trading volume below the STH cost basis, indicating a lack of buying support below this level. This means that if Bitcoin falls below $88,000 and trading volume is sparse below this support level, the price could accelerate downwards. Therefore, $88,000 has become a key level to watch for Bitcoin's price movement, as its breach will have a significant impact on market sentiment and future trends.
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.
Below the $88,000 support level, trading volume is thin, indicating a lack of buying support.
Price could accelerate downwards.