Analyst: At this stage, BTC is still in a 'correction phase' and may test the downward support level of $87,500.

Affected by speculation that the Fed’s window for further interest rate cuts is about to close, the BTC and broader cryptocurrency market has not started the year with stable coins, Charlie Morris, chief investment officer of ByteTree Asset Management, said that it makes no sense to try to predict that the market will turn around until the market understands what the Trump administration really means. While the Trump administration’s backing for cryptocurrency can be expected, there is no escaping the fact that major financial markets are expensive and the tech sector remains vulnerable to pullbacks. Katie Stockton, technical analyst at Fairlead Strategies LLC, pointed out that BTC is still in a “correction phase” at this stage, and the market trend suggests that BTC has the potential to test the “downside” support level of $87,500. [Bloomberg]