#Bitcoin breaks support level.#
Hot Topic Overview
Overview
Bitcoin is currently at risk of losing a key support zone, having fallen below the support area between $90,000 and $93,000. This is primarily due to a decline in risk assets, with the US Dollar Index and US Treasury yields rising following Friday's non-farm payrolls report. Some investment banks believe the Fed's rate-cutting cycle has come to an end, with Bank of America even hinting at a possible rate hike, further fueling Bitcoin's decline. While Michael Saylor has indicated that he may buy Bitcoin again, market sentiment remains negative. Some observers believe that Bitcoin could drop to $70,000 before potentially bouncing back. Additionally, the 30-day moving average of the Coinbase-Binance BTC price difference has dropped to its lowest level since at least 2019, suggesting weakening demand in the US.
Ace Hot Topic Analysis
Analysis
Bitcoin recently broke below its support level, primarily driven by a broad decline in risk assets, a rising dollar index, and increasing US Treasury yields. Following the release of the nonfarm payrolls report, expectations of a Fed rate cut weakened, with some even suggesting a potential rate hike. This put pressure on Bitcoin prices. Additionally, several investment banks believe the Fed's rate cut cycle has ended, with Bank of America hinting at potential rate increases, further exacerbating the bearish sentiment towards Bitcoin. The 30-day moving average of the Coinbase-Binance BTC price difference has fallen to its lowest level since at least 2019, indicating a weakening of US domestic demand. Some observers believe that Bitcoin prices could dip as low as $70,000 before bouncing back.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin risks losing key support levels as traders sell risk assets, leading to price declines.
Some investment banks believe the Fed's rate-cutting cycle has come to an end, with Bank of America hinting at potential rate hikes, exacerbating the risk of Bitcoin decline.
Consensus is that Bitcoin will decline to $70,000 before rising again.
The 30-day moving average of the Coinbase-Binance BTC price difference has fallen to its lowest level since at least 2019, indicating weakening domestic demand in the US.