According to Woofun AI, the sharp shock in the Asian stock market quickly spread to the crypto market, triggering widespread sell-off, but Bitcoin (BTC) successfully held the key psychological barrier of $80,000 with strong buying support.
Judging from the microtrend, the current transaction price of BTC is $81,200, down about 0.5% from the opening at midnight UTC, and once fell 1% in the intraday period. Notably, at around 2:30 UTC, the bulls stepped in to push the price back above $80,000. This support level is close to the low of $80,300 set on October 8, showing strength of acceptance below.
The fear in traditional asset markets has significantly increased the selling pressure on crypto assets. The Korea Composite Index plummeted 8% and triggered a fusing mechanism, and Nasdaq 100 futures fell about 1%, continuing the 1.9% decline of the Nasdaq Composite Index on Wednesday.
According to data compiled by Woofun AI, other cryptocurrencies performed weaker: Ethereum (ETH) fell 2.0% to $2,370; the CoinDesk 80 index fell 2.2%, while the BTC-dominated CoinDesk 5 index fell only 0.7%. Low market capitalization assets fluctuated more sharply, with pump.fun falling 9.4%, and the CoinDesk meme coin index falling 4.0%, causing the CD100 index to lose all but six stocks.
At the macro level, the higher-than-expected inflation data released on Wednesday caused the probability of the Federal Reserve's interest rate hike in October as shown by the Chicago Mercantile Exchange (CME.US) FedWatch tool soaring from 22% to 47%, then falling back to 26%. Market focus has turned to US Treasury bond yields to further confirm the final direction of interest rate hike expectations.