Certain exchange: Despite the market being severely hit, there is still hope; if Bitcoin holds at $110,000, a rebound may begin.
ChainCatcher reported that according to the latest analysis report from a certain exchange Alpha, last week bitcoin dropped from above $126,000 to below $103,310, a decline of 18.1%, triggering the largest nominal value liquidation event in the history of cryptocurrency.
However, historically, after such liquidation-driven market sell-offs, the market often experiences a "mechanical" rebound. For bitcoin, if it can recover and maintain above $110,000, it will confirm entry into a stable phase and initiate a rebound target near $117,000 to $120,000; conversely, if it fails to do so, it may face a retest of the $100,000 price area.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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