Analysis: The next important support level for Bitcoin is $88,500, with structural selling pressure dominating the market

According to Bloomberg, Bitcoin is currently in a weak state after several weeks of sell-offs. Following the Federal Reserve's announcement of a 25 basis point rate cut, Asian stock markets rose in line with Wall Street, but Bitcoin fell during the Asian trading session, failing to improve the sentiment of cryptocurrency traders.

Sean McNulty, Head of Derivatives Trading for FalconX in the Asia-Pacific region, stated, "The next important support level for Bitcoin is $88,500, while $85,000 is a key boundary." On Wednesday, the net inflow into U.S. Bitcoin ETFs was $224 million, yet Bitcoin's price still could not maintain above $94,000, confirming that structural sell-offs have overwhelmed demand.