There is a danger that forced or panic selling could lead to further bitcoin weakness and a break below $90K could lead to a 10% retracement, the report said.
Macro headwinds have seen digital assets sell-off since mid-December, the report said.
If bitcoin breaks $90,000 to the downside it could lead to a further 10% retracement, Standard Chartered said. The bank noted that investors who took on bitcoin exposure after the U.S. election in November, are now "only breaking even," and there is a risk that forced or panic selling could add to the sell-off. This includes exchange-traded fund buyers and BTC acquirer MicroStrategy .
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