Bitcoin is in focus, especially now that the broader market is in the red and some sectors, mostly meme coins, are sliding. Even as BTC comes under immense selling pressure, on-chain data points to strength.
Over 1 Million Bitcoin Wholecoiners
While the price struggles for traction, the number of wholecoiners, or addresses with at least 1BTC, is trending higher, currently at record highs. Data from IntoTheBlock shows that over 1 million unique addresses are now holding more than one BTC.
This spike is a huge milestone that underscores the growing number of individuals aiming for the wholecoiner status. Of importance, however, it means that more people are net bullish on the coin and willing to accumulate it and become wholecoiners.
At press time, Bitcoin remains choppy, though the overall trend from a top-down preview is bullish. As it is, BTC is being influenced by a range of fundamental factors. Most of them include the current economic uncertainty, with analysts closely monitoring data from the United States.
Although the United States Federal Reserve will slash interest rates this year, their decision to reduce it once this year, not twice or thrice as expected, is seen as bearish for BTC. Economists said the central bank would turn dovish, reversing its position from 2022 to 2023 by reducing interest rates from current record highs.
Since the last meeting earlier this month, BTC prices have been edging lower as the USD strengthens. The slide has been made worse by Mt. Gox trustees’ decision to compensate victims in July, not October as initially planned. At the same time, the German and United States governments have been unloading the coin.
BTC Remains Choppy, Over $265 Billion Must Be Injected For Prices To Break All-Time Highs
One analyst notes that if BTC continues to drop, bulls, most of whom are leveraged, will be liquidated should prices breach $60,000.
According to Coinglass, as of June 27, over $9.5 million worth of leveraged longs were liquidated in the past 24 hours. At the same time, more than $15 million of shorts were forcefully closed.
Whether the current sideways movement will continue in the short term remains to be seen. Technically, though prices are within a broad range, capped at around $74,000 on the upper end and $56,000 on the lower end, the uptrend remains. Taking to X, one analyst said that for BTC to surge and break $74,000, over $265 billion must be injected into the market.
Feature image from Canva, chart from TradingView
