PANews reported on March 5 that Geoff Kendrick of Standard Chartered Bank expressed concerns about the near-term prospects of Bitcoin and MicroStrategy (MSTR), believing that the price of Bitcoin may face fluctuations near a key support level. He pointed out that the price range of November 6, 2024 (the day after the US election) ($69,000 to $76,500) is a key potential support area for Bitcoin, and the trend of this range may determine its short-term trajectory.

Kendrick said that if the price of Bitcoin falls to the $69,000 to $76,500 range, it will be closer to MicroStrategy's average purchase price of $65,000, so this is a key level to watch closely. He mentioned that MicroStrategy is currently in this price range and has been hovering around this level for several days but has not yet fallen below it. He emphasized that although it is unlikely to reach $65,000 in the short term, this price level is still worth noting.

In addition, Kendrick also pointed out that Bitcoin has a strong correlation with major stock indexes, and broader market trends will affect the price of cryptocurrencies. Although former President Donald Trump's recent post on Truth Social about the US cryptocurrency reserves has sparked some speculation, Kendrick believes that the 5% drop in Nasdaq futures since the last US market opened has had a greater impact on the decline of Bitcoin.