Viewpoint: Inflation Data Intensifies Market Bearish Sentiment, Bitcoin's Key Psychological Support Level at $100,000

On September 1st, Vincent Liu, the CIO of Kronos Research, stated that the inflation data has intensified the bearish market sentiment. This sentiment initially emerged after a series of large-scale Bitcoin whale sell-offs triggered the liquidation of leveraged positions. Vincent Liu believes: "The key psychological support level of Bitcoin is at $100,000. With leveraged positions under pressure, it highlights the fragility of its liquidity." He also added that the key support level of Ethereum is at $4,000. "If these support levels are breached, it could trigger further declines and more widespread liquidity tightening. However, a true bear market requires a more sustained decline." Regarding this week's non-farm payroll data, Vincent Liu stated, "A significant surprise in job growth could trigger sharp market volatility. Strong data could pressure the cryptocurrency as risk appetite wanes, while weaker-than-expected data could boost demand." (The Block)