"Bitcoin (BTC), Current Support Level at $88,000"

Julio Moreno, the chief analyst at CryptoQuant, stated on the 8th (local time) via X (formerly Twitter) that "as the Bitcoin (BTC) price correction continues, traders' on-chain unrealized profit has plummeted," adding that "this can be seen as a healthy correction process, with the traders' realized price, which corresponds to the current price support level, being $88,000."

Meanwhile, BTC is trading at $94,101.85, down 3.28% from the previous day, as of 02:59 on the 9th, based on the Binance Tether (USDT) market.