Sluggish stock market could dampen Bitcoin demand, analysts warn $80,000 support level may face a test
According to CoinDesk, the cryptocurrency market has pulled back amid declines in Asian stock markets and rising crude oil prices, with Bitcoin dropping approximately 1.1% over the past 24 hours to around $81,466. Analysts at QCP Capital noted in a Monday report that further weakness in the stock market could dampen demand for Bitcoin, and if the broad deleveraging trend in equities continues, it could spill over into the cryptocurrency market and threaten the $80,000 support level.
