Analyst: Bitcoin is still in the "adjustment phase" and may test the downward support level of $87,500

Bitcoin and the broader cryptocurrency market have had an unstable start this year, affected by speculation that the window for further interest rate cuts by the Federal Reserve is about to close. Charlie Morris, chief investment officer of ByteTree Asset Management, said that it is meaningless to try to predict a turn in the market before the market understands the true meaning of the Trump administration. Although it is expected that the Trump administration will support cryptocurrencies, it is still impossible to escape the fact that major financial markets are expensive and the technology industry is still vulnerable to callbacks. Katie Stockton, technical analyst at Fairlead Strategies LLC, pointed out that Bitcoin is still in the "adjustment stage" at this stage, and market trends indicate that Bitcoin has the potential to test the "downward" support level of $87,500. (Bloomberg)