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BiyaPay Analyst: Key Support for US Stocks in Jeopardy, Crypto Fear Index Hits Yearly Low
Summary: According to reports, the S&P 500 is repeatedly testing the key support level of 6725 points. Goldman Sachs warns that a break below could trigger systematic selling by CTAs, with the Russell 2000 already breaking through, indicating accelerating downward pressure in the market. Funds continue to flow from tech stocks to defensive sectors like healthcare ...
According to reports, the S&P 500 is repeatedly testing the key support level of 6725 points. Goldman Sachs warns that a break below could trigger systematic selling by CTAs, with the Russell 2000 already breaking through, indicating accelerating downward pressure in the market. Funds continue to flow from tech stocks to defensive sectors like healthcare and essential consumer goods, with core weights like Nvidia experiencing significant short-term volatility. The deteriorating sentiment quickly spreads to the crypto market, with Bitcoin dropping nearly $9,300 and the crypto fear index plummeting to a yearly low. On-chain data shows that whales are continuing to reduce their positions, but with weakening market support, BTC's short-term volatility is further increasing.
The BiyaPay analyst stated: the current phase involves digesting high valuations, cooling expectations of rate cuts, and seeking refuge in safe-haven assets, with a focus on $80,000 as a key support level for BTC.
In this high volatility environment, BiyaPay users can utilize USDT to trade US stocks, Hong Kong stocks, futures, and zero-fee digital currency spot contracts in a more flexible manner to seize market rebounds or hedge against risks.
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Link: BiyaPay Analyst: Key Support for US Stocks in Jeopardy, Crypto Fear Index Hits Yearly Low [Copy]
