Connect with us


Bitcoin at Crossroads: 964K BTC Holders Near Breakeven as Price Hovers Around $69K


Bitcoin’s price hangs in the balance as it trades within a critical support zone, with nearly 2 million addresses holding 964,000 BTC nearing breakeven. The stability of this zone is crucial for sustaining Bitcoin’s upward momentum.

Why It Matters

The current price range between $69,380 and $67,350 is a make-or-break level for Bitcoin. A breach below $67,000 could trigger a selloff from the 1.97 million addresses that acquired BTC in this range, potentially leading to further price declines.

By the Numbers

  • 1.97 million addresses hold 964,000 BTC in the $69,380 to $67,350 range
  • $65.95 million in total liquidations over the last 24 hours
  • $56.86 million of the liquidations were long positions
  • BTC price down 3.52% to $69,375.98 as of June 8
  • 24-hour trading volume up 12.57% to $31.39 billion

What’s Next

The key factor to watch is whether Bitcoin can hold above the crucial $67,000 support level. A breakdown below this could spark further selling pressure. However, ongoing inflows into Spot Bitcoin ETFs, which have seen $135 million in inflows on June 7 alone, could provide a counterbalance.

The Big Picture

Despite the current bearish indicators, the sustained interest from institutional investors, as evidenced by the continuous inflows into Bitcoin ETFs, suggests a level of resilience in the market. The global ETPs holding over 1 million BTC could also potentially lead to a supply shock, supporting Bitcoin’s price.

What are your thoughts on Bitcoin’s current price action? Do you think the $67,000 support level will hold, or are we headed for further declines? Leave a comment below with your insights.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Crypto

Dogecoin News Hub