Bitcoin

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<p class="is-style-lead">Despite Bitcoin price struggling to break higher since the latest rejection from the $70k mark, the vast majority of BTC holders are still profitable.</p> 
<p>Although MicroStrategy purchased 11,931 BTC worth $786 million using the proceeds from a recent convertible notes offering, the slight uptick in Bitcoin price to above $65,000 has ended with the flagship cryptocurrency back under $64,000.</p> 
<p>Despite this, <a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&amp;chart=inAndOut" target="_blank" rel="">data from IntoTheBlock</a> shows 87% of BTC holders are still in profit. Most holders are above water having acquired BTC at average prices that are relatively lower compared to current level.</p> 
<p>On-chain data shows 46.72 million addresses are currently in the money, while 5.68 million, or nearly 11% are holding their coins at a loss. Only 2.67%, or 1.44 million addresses are at the money having acquired BTC at average prices that correspond to the current trading price.</p> 
<h2 class="wp-block-heading" id="bitcoin-price-struggling-for-upside">Bitcoin price struggling for upside</h2> 
<p>Bitcoin, which hit an all-time high above $73k in March, has floundered these past few weeks. BTC fell to lows of $56k in early May, before spiking to above $71k – with a rejection above this level on May 21 and again in early June.</p> 
<p>On Friday, Bitcoin price, as well as Ethereum’s, slumped more than 3% to below $64k and under $3,500 respectively.</p> 
<p>BTC price is currently around $63,700 while ETH changes hands near $3,503. The benchmark cryptocurrency is down 8% in the past 30 days and Ether has declined 6%, performances that have come amid a confluence of downside catalysts.</p> 
<p>With sentiment leaning bearish, IntoTheBlock analysts <a href="https://x.com/intotheblock/status/1804087197752066418" target="_blank" rel="">see</a> the $61.9k to $63.8k range as a potential key suppport area.</p> 
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   <p lang="en" dir="ltr">Bitcoin's trend continues to lean bearish, currently hovering just above a critical demand zone. Keep an eye on the 61.9k to 63.8k range for potential support <a href="https://t.co/SzLyfHHNHM" target="_blank" rel="">https://t.co/SzLyfHHNHM</a> <a href="https://t.co/gVtDu8DZj7" target="_blank" rel="">pic.twitter.com/gVtDu8DZj7</a></p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1804087197752066418?ref_src=twsrc%5Etfw" target="_blank" rel="">June 21, 2024</a>
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<h2 class="wp-block-heading" id="btc-sell-off-pressure-what-s-the-catalyst">BTC sell-off pressure: what’s the catalyst?</h2> 
<p>As spot Bitcoin ETFs see net outflows, miners have continued to sell post-halving. Per on-chain data, miners have sold more than 30,000 BTC in June.</p> 
<p>Bitcoin analyst Willy Woo, in a comment shared via X on Friday, says miner capitulation will likely remain a key downside factor for BTC in the short term.</p> 
<p>“I’ll break it down in simple terms. When does Bitcoin recover? It’s when weak miners die and hash rate recovers,” Woo <a href="https://x.com/woonomic/status/1803926249036710234" target="_blank" rel="">posted</a>.</p> 
<p>In the analyst’s view, miner capitulation is taking longer than historically seen over the past two post-halving periods likely due to ordinal inscriptions that have boosted miner profits.</p> 
<p>Meanwhile, this week has seen increased sell-off pressure amid potential dump by the German government. Early this year, <a href="https://crypto.news/german-police-confiscate-2-1b-in-bitcoin-from-illegal-file-sharing/" rel="">German police confiscated 50k BTC worth $2.1 billion</a> (at the time) from pirated film site, “Movie2K”. Bitcoin’s price surge pushed the value of the coins to over $3 billion.</p> 
<p>This BTC address linked to the seizure has <a href="https://x.com/lookonchain/status/1803842199194603909" target="_blank" rel="">moved</a> over $110 worth of Bitcoin to exchanges,including Kraken and Bitstamp.</p>

87% of Bitcoin holders in profit despite BTC dip to below $64k

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