BTC Market Analysis

Last night, Nvidia's sharp decline caused a collapse in US stock indices, which in turn dragged down the cryptocurrency market.

In fact, the trading volume for Bitcoin's rise over the past week has been relatively low, indicating that buying interest is not strong, making the market quite fragile and susceptible to external influences.

The bearish candlestick from yesterday not only engulfed the bullish candlestick from January 6 but also had a trading volume greater than that of January 6, indicating that selling pressure currently dominates, making further declines more likely.

The current question is whether it will break below the low of 91,500 from the 30th of last month. Currently, Bitcoin's STH RP value is 87,645, and last night's trading volume during the decline was quite large, with selling pressure clearly increasing, so the possibility of breaking below 91,500 and finding support at STH RP cannot be ruled out.

Next, we need to observe the changes in trading volume when continuing to decline. If the trading volume significantly decreases during a continuation of the decline, it indicates weakening selling pressure, and the probability of breaking below 91,500 will be smaller; however, if the trading volume remains high during a continuation of the decline, it indicates sustained strong selling pressure, and the probability of breaking below 91,500 will be greater.