According to news on January 30, the price of Bitcoin continued to fall during Thursday’s U.S. stock trading session, falling to a low of $81,000 at one point, and then rebounding to around $82,000. Bitcoin has fallen by nearly $10,000 in the past 24 hours, and the global cryptocurrency market is also under pressure, with Ethereum hovering around $2,700, BNB around $843, and XRP around $1.74.
CoinGlass data shows that more than $777 million in cryptocurrency long positions have been liquidated in the past hour, and the cumulative liquidation amount in 24 hours has reached $1.75 billion. This shows that the selling pressure in the market is still significant. Analysts point out that Bitcoin’s break below $85,000 could signal further downward pressure, with the November low currently held at $81,000 being a key support and potential support further down likely to be around $75,000.
The recent market decline is closely related to macro events. U.S. President Donald Trump announced that he would nominate former Federal Reserve member Kevin Wash to replace current Chairman Jerome Powell, raising high concerns about the market’s monetary policy prospects. Polymarket data shows that the probability of Walsh becoming Fed chairman soared to 87% in a short period of time, compared to only 37% previously. Prior to the announcement, BlackRock’s head of fixed income, Rick Riedel, had been considered more likely to be nominated and took a more dovish stance.
Market analysts believe that Walsh’s nomination may mean that monetary policy is becoming looser, which is both positive and uncertain for risk assets. Investor sentiment is intertwined between cryptocurrencies and traditional markets, leading to wild fluctuations in Bitcoin and major digital assets.
Overall, Bitcoin still faces downside risks in the short term, but there is still a chance to rebound above key support levels. Traders are closely monitoring U.S. policy movements and the impact of potential interest rate changes on the digital currency market, particularly the price fluctuations of Bitcoin and Ethereum.
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