Standard Chartered: Don't rush to catch the bottom, BTC may test the low point of $80,000

The price of BTC fell to around $86,000 on Tuesday, the lowest level since November last year, and more than 20% lower than the all-time high in January. As risk aversion heats up in the market, the cryptocurrency rise that was expected due to Trump’s inauguration has failed to materialize. Data from JPMorgan Chase & Co. showed that Cryptocurrency ETFs saw outflows of $544 million last week, suggesting that pessimism is spreading in the market. Geoff Kendrick, head of digital asset research at Standard Chartered, warned: "Don’t rush to catch the bottom. BTC could test the $80,000 low. $90,000 is a key support level for BTC, and falling below this level could lead to a further decline in the world’s largest cryptocurrency. Although BTC has remained above $90,000 supported by the Trump administration’s optimism in favor of cryptocurrency, the appeal of cryptocurrencies has been diminished as presidential promises have failed to materialize and macroeconomic uncertainty has risen. ”（thecryptobasic）