Analyst: If Bitcoin falls below the support level of $85,000, it may face the risk of free-falling to $81,000

ChainCatcher news, according to Cointelegraph, the risk of long liquidations for Bitcoin below $85,000 exceeds $1 billion, and significant volatility may indicate a retest of the $81,000 support level.

Ryan Lee, Chief Analyst at Bitget Research, stated that the decline in risk appetite among cryptocurrency investors is the main reason for the current sell-off. Bitcoin's price is fluctuating within a consolidation range and has dropped to the $89,000 level, with shorts also pulling back below the support level. If bearish behavior continues, it may test the next support levels around $86,000 and $81,000.

Hong Yea, co-founder and CEO of the hybrid cryptocurrency exchange GRVT, said: "The $85,000 price level is crucial; if BTC falls below this support level, it could trigger further declines."