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Analyst: If geopolitical conflicts escalate further, Bitcoin may test the support level of 60,000 USD

According to market news, due to the ongoing US-Iran conflict, the price of Bitcoin has fallen from about $71,000 last week to around $67,000, dipping to $65,000 on Saturday. BTC Markets crypto analyst Rachael Lucas stated that Bitcoin briefly reached $72,000 earlier this week due to hopes for a breakthrough in Middle Eastern diplomacy, but as those hopes faded and concerns over oil supply resurfaced, the price retraced its gains.She pointed out that the situation in the Strait of Hormuz has heightened inflation concerns, making it difficult for the Federal Reserve to cut interest rates, which puts pressure on crypto prices. BTSE Chief Operating Officer Jeff Mei indicated that oil and gas prices will remain high in the short term and drag down economic growth, suggesting that there is still room for crypto prices to decline, with Bitcoin potentially falling to a support level of $60,000.Bitrue Research Director Andri Fauzan Adziima believes that the market will continue to be volatile and driven by news; if the US-Iran conflict escalates, Bitcoin may test $60,000; if the situation eases and oil prices drop, it could rebound above $70,000.BTC Markets analyst Lucas also noted that current retail investor sentiment is fearful, with many adopting a wait-and-see or hedging stance, while institutional investors are showing the opposite trend. This month, over $1.13 billion flowed into US spot Bitcoin ETFs, ending four consecutive months of net outflows; Strategy continues to increase holdings, and Morgan Stanley is set to launch a low-fee Bitcoin ETF.She stated that when there is a clear divergence between retail panic and institutional accumulation, historical experience shows that institutional judgment is often more accurate.

Goldman Sachs analysts: Bitcoin prices may have reached the bottom of this cycle, but trading volume may decline further

According to Forbes, Goldman Sachs analyst James Yaro stated in a research report that the decline in Bitcoin and the cryptocurrency market has roughly reached the historical average level from peak to trough in this cycle. In recent weeks, Bitcoin and cryptocurrency-related stocks have shown volatility but are trending towards stability. However, Yaro warned that trading volume may decline further, and in a low trading volume environment, Bitcoin prices are prone to significant fluctuations, making any rebound difficult to sustain.He pointed out that trading volume typically remains at a low for about three months before showing a noticeable recovery. If trading volume continues to decline, cryptocurrency companies' revenues may decrease by 2% and profits by 4% in 2026. Goldman Sachs currently rates Robinhood, Figure Technologies, and Coinbase as "buy," with the stock prices of these three companies down at least 50% from their historical highs. Yaro stated that digital asset-related targets are presenting increasingly attractive entry points.Goldman Sachs CEO David Solomon revealed last month at the World Liberty Forum held at Trump's Mar-a-Lago in Florida that he holds a small amount of Bitcoin, marking a shift in his stance for 2024. This week, Bitcoin prices fell back to around $60,000, and Trade Nation senior market analyst David Morrison noted that Bitcoin previously faced resistance and retreated around $72,000. Currently, the daily MACD indicator is flattening at a neutral level, and the short-term trend direction remains unclear.
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