Bitcoin Price Update: Finally Below 67K again!!!
Bitcoin is now trading below 67,000 dollars. The current price is around 66,000 to 66,390 dollars. After the Federal Reserve released its FOMC meeting minutes, more selling happened in the market. These minutes showed that Fed officials have internal disagreement about cutting interest rates. This uncertainty has made investors nervous and they are selling.
The biggest reason is leverage unwind. Futures open interest dropped from 61 billion to 49 billion dollars. Total liquidations are around 3 to 4 billion dollars, with 2 to 2.5 billion just from Bitcoin futures. When leverage is forced to close, price falls more. Second, short-term holders are panicking. Recent buyers from last 1 to 3 months are now in loss, so they are selling. Third, miners are under pressure. With Bitcoin below 70K, mining costs are hard to cover, so miners are selling their holdings. Fourth, ETF outflows continue. US spot Bitcoin ETFs saw 1.6 billion dollars in withdrawals just in January. Institutional money is leaving, which weakens demand.
The FOMC minutes revealed internal disagreement on rate cuts, creating uncertainty. Strategy, formerly MicroStrategy, bought Bitcoin at 67,710 average price and is now seeing losses. Famous investor Michael Burry warned that Bitcoin could enter a "death spiral" if price falls more, hurting large companies holding Bitcoin. On the other side, CryptoQuant data suggests the ultimate bear market bottom could be near 55,000 dollars. Supply is increasing from miners and short-term holders, demand is weak, Fed uncertainty is high, and institutions are pulling out. 67,000 is broken. Next support is 65,000 and then 60,000 dollars. For recovery, Bitcoin needs to close above 70,000. Extreme fear is everywhere, but long-term holders are still holding strong.
Thankyou
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