#Bitcoin falls below $90,000 support level#
Hot Topic Overview
Overview
Recently, Bitcoin's price has broken below the key support level of $90,000, sparking market concerns. Standard Chartered analyst Geoff Kendrick warned that this breach could trigger spot ETF unwinding and further push Bitcoin prices down to $80,000. He believes that macroeconomic sell-off pressures are the main reason for Bitcoin's decline. This warning suggests that the Bitcoin market is currently facing significant downside risks, and investors need to closely monitor market dynamics and prepare to manage risks.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent fall below the $90,000 support level has raised concerns in the market. Geoff Kendrick, an analyst at Standard Chartered Bank, warned that this break could trigger margin calls in spot ETFs, leading to a further 10% drawdown risk, potentially even reaching $80,000. He pointed out that macro-economic sell-off pressure is the primary driver of Bitcoin's price decline. This warning signals a cautious outlook on Bitcoin's future trajectory, urging investors to closely monitor macroeconomic developments and prepare for potential price volatility.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin fell below the $90,000 support level, which could trigger spot ETF liquidation. Macroeconomic selling pressure could further drive Bitcoin lower. Bitcoin could fall to a low of $80,000. Bitcoin faces a 10% pullback risk.