Analysis: Bitcoin's next key support level is $88,500, with structural selling pressure dominating the market
ChainCatcher news, according to Bloomberg, bitcoin is currently in a weak state after weeks of sell-offs. After the Federal Reserve announced a 25 basis point rate cut, Asian stock markets followed Wall Street higher, but bitcoin fell during Asian trading hours, failing to improve the sentiment of cryptocurrency traders.
Sean McNulty, Head of Derivatives Trading for Asia Pacific at FalconX, said, "The next major support level for bitcoin is $88,500, while $85,000 is a critical threshold." On Wednesday, the net inflow into US bitcoin ETFs was $224 million, but bitcoin's price still could not stay above $94,000, confirming that structural selling pressure outweighed demand.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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