Analysis: Bitcoin's next key support level is $88,500, with structural selling pressure dominating the market

BlockBeats News, December 11th, according to Bloomberg, after weeks of sell-off, Bitcoin is currently in a weakened state. Following the Federal Reserve's announcement of a 25 basis point rate cut, Asian stocks rose following 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, "Bitcoin's next key support level is $88,500, with $85,000 being a 'critical threshold'." On Wednesday, the U.S. Bitcoin ETF saw a net inflow of $224 million, yet Bitcoin's price still could not hold above $94,000, confirming that structural sell-off pressure outweighed demand.