Bitcoin is in the spotlight, especially now that the broader market is in the red and some sectors, mainly meme coins, are down. Even though BTC is under tremendous selling pressure, on-chain data indicates strength.
Over 1 Million Bitcoin Wholecoin Players
As the price struggles to establish itself, the number of wholesalers, or addresses with at least 1 BTC, tends to increase, currently reaching record levels. Data from IntoTheBlock watch that over a million unique addresses now hold more than one BTC.
This spike is a significant milestone that highlights the growing number of individuals aiming for wholesale status. However, it is important to note that more people are clearly bullish on the coin and willing to accumulate it and become full-fledged investors.
At the time of publication, Bitcoin remains volatile, although the overall trend, according to a top-down analysis, is bullish. As things stand, BTC is influenced by a range of fundamental factors. Most of them include the current economic uncertainty, with analysts closely monitoring data coming out of the United States.
Although the US Federal Reserve is cutting interest rates this year, its decision to cut them once this year, and not two or three times as expected, is seen as pessimistic for Bitcoin. Economists have said that the central bank will adopt an accommodative stance, reversing its stance from 2022 to 2023 by cutting interest rates from current record lows.
Since the last meeting earlier this month, BTC prices have fallen slightly as the USD strengthens. The fall was made worse by the decisions of Mt. Gox administrators decision compensate victims in July and not in October as originally planned. At the same time, the German and American governments have released the money.
Bitcoin Price Remains Unstable, Over $265 Billion Needs to Be Injected for Prices to Reach All-Time Highs
An analyst Remarks that if BTC continues to fall, the bulls, most of which are leveraged, will be liquidated if prices rise above $60,000.
According to Change machineas of June 27, over $9.5 million of leveraged long positions had been liquidated in the past 24 hours. At the same time, over $15 million of shorts were force-closed.
It remains to be seen whether the current sideways movement will continue in the short term. Technically, although prices are in a wide range, capped at around $74,000 at the high end and $56,000 at the low end, the upward trend continues. Speaking to X, an analyst said that for BTC to skyrocket past $74,000, over $265 billion needs to be injected into the market.
Main image from Canva, chart from TradingView
