Bitwise CIO: $84,000 Becomes BTC’s Recent Support Level, $70,000 Range Is a Potential Pullback Target

Jinse Finance reported that Bitwise Chief Investment Officer Matt Hougan pointed out that the $84,000 level (the low point of the March correction) is currently a key support level for BTC that some investors are watching. However, if the market completely gives back all the gains from October (when bitcoin hit a historical high of $126,000), the price could further fall back to the trading range of around $70,000 before Trump's election. Hougan stated that although bitcoin may test the mid-to-low $70,000 range, the market is 'closer to a bottom rather than the start of a decline.' He noted a divergence between short-term panic and long-term confidence: global liquidity tightening and DAT position liquidations are causing selling pressure, but long-term institutions such as the Harvard Endowment Fund and Abu Dhabi Sovereign Fund are "tentatively" building positions at current price levels.