Analyst: At this stage, Bitcoin is still in the "adjustment phase", possibly testing the $87,500 downward support level

Affected by speculation that the window for further interest rate cuts by the Federal Reserve is about to close, Bitcoin and the broader cryptocurrency market have not been stable this year. Charlie Morris, Chief Investment Officer at ByteTree Asset Management, said it's meaningless to try predicting a market turnaround before understanding the true implications of Trump's administration. Although it can be anticipated that Trump's government supports cryptocurrencies, one cannot escape the fact that prices in major financial markets are high and technology industries remain susceptible to pullbacks.

Katie Stockton, a technical analyst at Fairlead Strategies LLC pointed out that Bitcoin is still in an "adjustment phase" at this stage. Market trends suggest that Bitcoin could potentially test a "downward" support level of $87,500.