PANews reported on October 17th that, according to Jinshi, as traditional safe-haven assets like gold and silver continue to hit new highs, Bitcoin's performance has been disappointing. As of the week of October 12th, it fell 6.3%, the largest weekly drop since early March, and has yet to recover the lost ground. Most cryptocurrencies have also shown a similar trend. Matthew Hougan, Chief Investment Officer of Bitwise, said: "The most important thing is that crypto assets are like canaries in the coal mine, suggesting that the market is treading on thin ice due to emerging credit concerns." Looking ahead, $107,000 is considered a key support level for Bitcoin. BTC Markets analyst Rachael Lucas pointed out: "A clear break below this level could trigger a deeper decline."PANews reported on October 17th that, according to Jinshi, as traditional safe-haven assets like gold and silver continue to hit new highs, Bitcoin's performance has been disappointing. As of the week of October 12th, it fell 6.3%, the largest weekly drop since early March, and has yet to recover the lost ground. Most cryptocurrencies have also shown a similar trend. Matthew Hougan, Chief Investment Officer of Bitwise, said: "The most important thing is that crypto assets are like canaries in the coal mine, suggesting that the market is treading on thin ice due to emerging credit concerns." Looking ahead, $107,000 is considered a key support level for Bitcoin. BTC Markets analyst Rachael Lucas pointed out: "A clear break below this level could trigger a deeper decline."
Analyst: $107,000 has become a key support level for Bitcoin
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PANews reported on October 17th that, according to Jinshi, as traditional safe-haven assets like gold and silver continue to hit new highs, Bitcoin's performance has been disappointing. As of the week of October 12th, it fell 6.3%, the largest weekly drop since early March, and has yet to recover the lost ground. Most cryptocurrencies have also shown a similar trend. Matthew Hougan, Chief Investment Officer of Bitwise, said: "The most important thing is that crypto assets are like canaries in the coal mine, suggesting that the market is treading on thin ice due to emerging credit concerns." Looking ahead, $107,000 is considered a key support level for Bitcoin. BTC Markets analyst Rachael Lucas pointed out: "A clear break below this level could trigger a deeper decline."
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