Bitcoin Holders underwater as Price plummets beneath $60K

IconCryptoNewsTerminal Staff04 Jul, 2024

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Bitcoin Holders underwater as Price plummets beneath $60K

Bitcoin took a beating yesterday, dropping below the $60k level it has held as support since October 2021. This sent ripples through the market, as many investors who had been holding onto their coins at or near their all-time highs found themselves suddenly underwater. Data from IntoTheBlock shows that over 16% of all Bitcoin holders are now in the red, meaning they bought their coins at a higher price than they are currently worth. This is a significant increase from just a few weeks ago, when only around 10% of holders were underwater. The drop below $60k is a key technical level for Bitcoin, and its break could signal further downside pressure. The next major support level for Bitcoin is between $40-50k, and if the price falls below that, it could trigger a sell-off that sends the price even lower.

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