"Bitcoin, if even this line collapses"…Expert's 'warning'

Bitcoin fell below the $89,000 level, drawing market attention to further downside. Cryptocurrency news outlet CoinDesk reported on the 14th (local time) that Bitcoin's first support level is around $86,000.

Cryptocurrency analyst Ali Martinez said on X, "With $89,000 breaking, the first support level is $86,000," and "If even this line collapses, a deep correction could occur."

That day, the virtual asset market was broadly weak as risk-aversion sentiment spread again in global financial markets.

As of 6:20 a.m. on the 15th, according to CoinMarketCap, Bitcoin was trading at $88,537, down 1.66% from 24 hours earlier. This is the first time Bitcoin has fallen below $89,000 since the 8th.

Ethereum, the second-largest by market capitalization, was down 0.51% at $3,085, and Binance Coin was down 1.23% at $881. Ripple fell 1.37% to $1.98, breaking the $2 level. This is the first time Ripple has fallen below $2 since the 2nd.

This drop is interpreted as the result of caution ahead of major macroeconomic data releases combined with concerns about global tightening. This week in the U.S., major economic indicators, including the consumer price index, which were delayed due to the federal government shutdown, are scheduled to be released.

In addition, the possibility of an interest rate increase by the Bank of Japan is also adding downward pressure on the market. There are concerns that if the Bank of Japan raises rates, so-called yen carry trade funds, which borrowed low-interest yen to invest in virtual assets, could be largely liquidated.

Shin Hyun-bo, Hankyung.com reporter greaterfool@hankyung.com