Summary:
Bitcoin dropped below the average realized buying price of Bitcoin ETF investors, triggering over $100 million in liquidations within 24 hours.
ETF holders have not yet panicked, but concerns remain about a deeper correction.
The decline follows three consecutive days of negative price action, pushing Bitcoin below its 200-day trend line for the first time in 10 months.
Upcoming Mt. Gox repayments, expected in early July, could further add to selling pressure.
Some analysts believe this drop may just be a temporary shakeout, while others warn of a potential revisit to the $50,000 mark due to accelerating sell orders.
The introduction of spot Bitcoin ETFs marks a new era in the Bitcoin cycle and adds uncertainty to its future trajectory.
Bitcoin experienced a significant drop, falling below the average realized buying price of Bitcoin ETF investors, triggering over $100 million in liquidations within 24 hours. While ETF holders have not yet panicked, concerns remain about a deeper correction. This decline follows three consecutive days of negative price action, pushing Bitcoin below its 200-day trend line for the first time in 10 months. The upcoming Mt. Gox repayments, expected in early July, could further add to selling pressure. Although some analysts believe this drop may just be a temporary shakeout, others warn of a potential revisit to the $50,000 mark due to accelerating sell orders. The situation is further complicated by the introduction of spot Bitcoin ETFs, marking a new era in the Bitcoin cycle and adding uncertainty to its future trajectory.
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