Bitcoin and Strategy face volatility as key support level nears, Standard Chartered warns
Quick Take Standard Chartered’s Geoff Kendrick warns that bitcoin’s near-term price action could test support in the $69,000-$76,500 range, bringing it closer to Strategy’s (formerly, MicroStrategy) average purchase price of $65,000. While Trump’s recent Truth Social posts have drawn attention, Kendrick emphasizes that broader market trends—particularly a 5% Nasdaq futures drop— dominate bitcoin’s decline.

Standard Chartered’s Geoff Kendrick has raised concerns about the near-term prospects for both bitcoin and Strategy (MSTR) as bitcoin’s price faces potential volatility near a critical support level.
Kendrick pointed to the Nov. 6, 2024, price range — the day after the U.S. election — as a key potential support zone for bitcoin , estimating a price range between $69,000 and $76,500. He suggested that bitcoin’s movement within this range could determine its short-term trajectory.
“This opens up the Nov 6, 2024, day after U.S. election candle for bitcoin as a near-term potential, from about $69,000-$76,500,” Kendrick said.
Strategy's bitcoin exposure in focus
Kendrick noted that if bitcoin's price falls into the $69,000 to $76,500 range, it would move closer to Strategy’s average purchase price of $65,000, making it a critical level to watch.
"MSTR is already in that Nov 6, 2024, candle, day after the U.S. election, and has been hovering around that level for a couple of days, but not closed below, yet,” Kendrick said. “On MSTR, while it is not my view that we trade there, it is worth just having in mind that the average bitcoin purchase price for MSTR over all time is $65,000.”
Kendrick also highlighted bitcoin’s correlation with major equity indices, emphasizing that broader market trends influence cryptocurrency prices. While former President Donald Trump’s recent Truth Social posts about a U.S. crypto reserve have fueled speculation, Kendrick stressed that the 5% drop in Nasdaq futures since the last U.S. market open has had a more significant impact on bitcoin’s decline.
Bitcoin fell 6% over the past 24 hours to $84,625, according to The Block's price page. The Block's GMCI 30 index , which measures the performance of the top 30 cryptocurrencies, dropped 14% in the same period.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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