Bitrabo Editorial
Bitcoin has been under scrutiny amid a market downturn, especially with meme coins witnessing a decline. Despite facing significant selling pressure, on-chain data indicates resilience in BTC.
Over 1 Million Bitcoin Wholecoiners
While the price of Bitcoin struggles, the number of wholecoiners, representing addresses holding at least 1 BTC, is on the rise and has reached a record level. Current data from IntoTheBlock reveals that there are now over 1 million unique addresses holding more than one BTC.
This increase signifies a significant milestone, showcasing the growing number of individuals aspiring to be wholecoiners. It indicates a bullish sentiment among more people who are accumulating Bitcoin aiming to become wholecoiners.
Currently, Bitcoin’s price remains volatile, but an overall bullish trend can be observed. Several fundamental factors are influencing BTC, such as the prevailing economic uncertainties, with a keen eye on data from the United States.
Despite the United States Federal Reserve signaling a single interest rate cut this year instead of multiple cuts, which is viewed as negative for BTC, the central bank’s dovish stance is expected to impact Bitcoin prices. Economists anticipate a reversal in the bank’s position from 2022 to 2023 by reducing the interest rates from their current highs.
Since the recent meeting earlier this month, Bitcoin prices have been sliding due to a strengthening USD. Moreover, the decision by Mt. Gox trustees to compensate victims in July, earlier than scheduled, and the selling off of BTC by the German and United States governments have exacerbated the decline.
BTC’s Price Volatility and the $265 Billion Threshold
An analyst highlights that if Bitcoin continues on a downward trajectory, leveraged bulls face the risk of liquidation if prices drop below $60,000.
According to Coinglass, recent data shows over $9.5 million in leveraged long positions liquidated in the past 24 hours, along with more than $15 million of shorts forcefully closed.
While the short-term trajectory remains uncertain, BTC’s price movement within a range of $74,000 to $56,000 indicates a potential uptrend. An analyst noted that for Bitcoin to surge and surpass $74,000, injecting over $265 billion into the market is necessary.