Bitcoin Price Threatened by Potential Selloff from 964,000 BTC Addresses Near Breakeven

  • The current downturn in Bitcoin’s price is bringing numerous investors to the verge of breaking even, raising concerns about possible panic-induced sell-offs.
  • Market analysts highlight critical support levels that are essential to prevent further declines in Bitcoin’s valuation.
  • Recent data shows significant liquidations of long positions in Bitcoin, indicating possible bearish sentiment among traders.

Bitcoin price faces a crucial support zone while substantial liquidations indicate a bearish trend in the short term.

Current Market Pressures on Bitcoin

The recent bearish trend in Bitcoin (BTC) has pulled its price below the critical $69,400 mark. Market expert Ali Martinez has emphasized the importance of a strong support zone to mitigate further losses. According to Martinez, breaching this support could accelerate a decline in BTC’s price.

Significant Long Position Liquidations

The market has witnessed notable sell-offs, with over $56 million in long positions being liquidated. This heightened level of liquidation presents a bearish outlook, causing significant concern among traders about the possibility of further downturns.

BTC Price to See Continued Downtrend?

Bitcoin’s current trading range of $69,380 to $67,350 serves as a critical support zone. Nearly 2 million addresses that purchased BTC within this range are nearing their break-even points. If Bitcoin’s price dips below $67,350, it could trigger massive sell-offs due to panic among these investors.

Impact of Economic Indicators on BTC

The recent US jobs data has added another layer of complexity to Bitcoin’s price stability. The employment figures could influence the Federal Reserve’s stance on interest rates, affecting market sentiment. The pessimism generated around potential rate cuts has led to added selling pressure.

Institutional Inflows Through ETFs

Contrary to the prevalent bearish signals, there are positive indicators that might support Bitcoin’s price. Inflows into Spot Bitcoin ETFs have been robust, with the latest data showing an influx of $135 million. This marks a 19-day streak of continuous inflows, indicating strong institutional interest.

The Role of Global ETPs

ETPs globally hold over 1 million BTC, creating a potential supply shock that can counteract market sell-offs. These inflows show sustained confidence among institutional investors, potentially providing a buffer against downward pressure on Bitcoin’s price.

Conclusion

Overall, Bitcoin’s current market environment is characterized by significant support levels, substantial liquidations, and notable institutional inflows. While bearish pressures persist, continuous demand through ETFs and ETPs could stabilize BTC’s price. Investors should keep a close watch on key support zones and inflow trends to gauge future market movements.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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