Bitcoin Holders with 964,000 BTC Are near Breakeven, Will BTC Price Drop to $67,000?
Bitcoin (BTC) price is at a critical juncture as it remains stuck in a strong support zone. Additionally, nearly 2 million Bitcoin addresses had BTC reserves in this interval. Their investment is nearing breakeven due to the recent price drop, with BTC falling in value to $69,000.
Will BTC Price Drop Further?
BTC price is currently stuck in a strong support range between $69,380 and $67,350. Crypto analyst Ali Martinez highlighted the importance of this range, in which approximately 1.97 million addresses purchased 964,000 BTC. The stability of Bitcoin price in this region is crucial to maintaining the upward momentum.
However, recent market movements have put this support to the test. After a significant market sell-off, Bitcoin’s value rose from over $71,500 to $69,300. This decline came after the arrival of US employment data.
Employment data could influence the Federal Reserve’s rate cut decision, causing pessimism to spread throughout the crypto community. Therefore, the critical concern now is whether Bitcoin can hold above $67,000; If this threshold is exceeded, it may signal further decline.
Recent market dynamics are not very suitable for long positions. According to Coinglass, there has been a total liquidation of $65.95 million in the cryptocurrency market in the last 24 hours. Additionally, a significant portion of this (approximately $56.86 million) came from long positions.
This overwhelming liquidation of long positions signals potential bearish sentiment among investors, further raising concerns about Bitcoin’s price stability. The potential for a further drop below $67,000 seems large, especially if addresses holding 964,000 BTC lose their break-even point and decide to offload their holdings.
Such a move could trigger a cascading effect, leading to additional selling and driving down the BTC price. For these owners, the break-even point is very important; Any move below this level could shake confidence and lead to increased selling pressure.
Also Read: Why Is Bitcoin Price Falling Sharply Today?
ETF Entries to the Rescue
Despite bearish indicators, there are also positive developments that could increase Bitcoin’s resilience. Spot Bitcoin ETFs continued to attract significant inflows, providing a counterbalance to selling pressure. On Friday, June 7, these ETFs saw inflows of $135 million, the longest streak of inflows in 19 days.
This continued demand through global Bitcoin ETFs, including those in Hong Kong and Australia, could play a crucial role in stabilizing the Bitcoin price. Moreover, global ETPs hold over 1 million BTC, catalyzing a potential supply shock. Moreover, continued inflows into Bitcoin ETFs indicate continued interest and confidence among institutional investors.
This demand could provide a much-needed buffer against downward market pressure. At the time of writing, the BTC price fell 3.52% to $69,375.98 on Saturday, June 8, and its market cap was $1.36 trillion. On the contrary, the 24-hour trading volume increased by 12.57% to 31.39 billion dollars.
Also Read: “Inflation Is A Hidden Tax On Your Money” Bitcoin Exchange Hits Fiat With Its New Ad
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