Snapshot
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.
