Analyst: The upward momentum of Bitcoin has weakened, and a sell-off lasting several weeks may occur

Golden Finance reports that, on January 9th in the afternoon Beijing time, the virtual currency market experienced a wave of sell-offs, with Bitcoin prices plummeting. As of the time of this report, Bitcoin has fallen below the $93,000 mark, currently quoted at $92,938 per coin, with a daily decline of 2.7%. Due to the sharp fluctuations in coin prices, CoinGlass market data shows that more than 160,000 people in the virtual currency market have been liquidated in the past 24 hours, with a total liquidation amount of $482 million (approximately 3.53 billion yuan). Industry insiders believe that the latest economic data released by the United States suggests persistent inflation, raising doubts in the market about the possibility of the Federal Reserve lowering interest rates later this year. According to on-chain data, the current leverage ratio in the virtual currency market is nearing the historical high point of 2021. The high-leverage environment significantly increases the market's fragility; once there is any disturbance, investors may quickly withdraw, leading to a sharp price drop and a wave of liquidations. Top Wall Street technical strategist Katie Stockton recently stated that the upward momentum of Bitcoin has weakened, and a sell-off lasting several weeks may occur. (China Securities Journal)