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BiyaPay Analyst: US Stock Market Key Support on Shaky Ground, Crypto Fear Index Hits Yearly Low
BlockBeats News, November 17th, the S&P 500 is currently testing the key support level at 6725 points. Goldman Sachs has issued a warning that once this level is breached, it may trigger CTA systematic selling, with the Russell 2000 already breaking below, indicating that downward pressure on the market is accelerating. Funds continue to flow from tech stocks to defensive sectors such as healthcare and essential consumer goods, causing significant short-term volatility in core weights like Nvidia. The rapidly deteriorating sentiment has quickly spread to the crypto market, with Bitcoin dropping by nearly $9,300 and the crypto fear index plunging to a yearly low. On-chain data shows that whales are continuing to reduce their holdings, but with weakening market support, BTC's short-term volatility is further increasing.
BiyaPay analysts stated: The current phase is characterized by "digesting high valuations + cooling of rate cut expectations + fund safe-havening," with the key support for BTC below being closely watched at $80,000.
In this high-volatility environment, BiyaPay users can utilize USDT to trade US stocks, Hong Kong stocks, futures, and 0-fee cryptocurrency spot contracts, allowing for a more flexible approach to capitalize on market rebounds or hedging opportunities.
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