Bitcoin Approaches 80,000: Is This a Bargain-Hunting Opportunity or the Start of the Next Round of Declines?
As of 01:35 Beijing time on October 9, Binance spot BTC/USDT is at 80,832.48, down 2.89% over the past 24 hours. ETH is at 2,422.19 (-5.40%), and SOL is at 106.85 (-8.18%). The latter two have fallen significantly more, indicating that risk appetite has weakened.
On the news front: Reuters reported on October 8 that rising oil prices, bond selling, and inflation concerns together are weighing on risk assets. My view: macro pressures can explain some of the selling, but they cannot be taken as proof that there is undisclosed bad news. Nor can the market be declared in collapse based on just one day’s decline.
In the short term, watch BTC around the psychological 80,000 integer level and the 80.4k area near the 24-hour low for signs of support. These are only observation zones, not guaranteed support. If price breaks down and volume increases, the correction may continue. If it regains and holds above 82,000, then watch whether the rebound trading volume can be sustained.
What matters more right now is confirmation between price and volume. A single rebound is not enough to prove a trend reversal.
Source: Binance spot 24-hour market data, Reuters; personal market observation.#BTC #ETH #Crypto Market
As of 01:35 Beijing time on October 9, Binance spot BTC/USDT is at 80,832.48, down 2.89% over the past 24 hours. ETH is at 2,422.19 (-5.40%), and SOL is at 106.85 (-8.18%). The latter two have fallen significantly more, indicating that risk appetite has weakened.
On the news front: Reuters reported on October 8 that rising oil prices, bond selling, and inflation concerns together are weighing on risk assets. My view: macro pressures can explain some of the selling, but they cannot be taken as proof that there is undisclosed bad news. Nor can the market be declared in collapse based on just one day’s decline.
In the short term, watch BTC around the psychological 80,000 integer level and the 80.4k area near the 24-hour low for signs of support. These are only observation zones, not guaranteed support. If price breaks down and volume increases, the correction may continue. If it regains and holds above 82,000, then watch whether the rebound trading volume can be sustained.
What matters more right now is confirmation between price and volume. A single rebound is not enough to prove a trend reversal.
Source: Binance spot 24-hour market data, Reuters; personal market observation.#BTC #ETH #Crypto Market