Bitcoin

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<h2 id="key-points">Key Points</h2>
<ul>
 <li>Despite recent price correction, interest in Bitcoin accumulation remains high.</li>
 <li>Big investors, or ‘whales’, are showing caution, reducing their long positions.</li>
</ul>
<p>The recent price correction of <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> has not dampened the enthusiasm of buyers. Despite a dip in price, optimism among investors continues to be strong.</p>
<h2 id="resurgence-in-interest">Resurgence in Interest</h2>
<p>Data from Santiment shows that a recent drop in Bitcoin’s price to below $67,000 on 13th June led to an increase in buying activity. This marks the second-largest spike in investor interest in Bitcoin in the last two months. The first instance of such a surge occurred in May 2024, following a sudden price increase.</p>
<p>Investors may be motivated by the fear of missing out on potential profits. A price drop, like the one seen on June 13th, can also trigger a buying frenzy as some traders see it as a buying opportunity, expecting a quick recovery and a chance to profit from a temporary dip.</p>
<h2 id="bitcoin-traders-show-caution">Bitcoin Traders Show Caution</h2>
<p>However, data from Datamish reveals that traders are becoming increasingly cautious. Notably, Bitfinex whales reportedly reduced their long positions by about 2,000 BTC in a brief window on June 13th. This trend of liquidating long positions on Bitfinex has been ongoing since June 11th, with a total of about 76.4 BTC sold off.</p>
<p>This sell-off suggests that despite the surge in retail buying, larger investors are adopting a more cautious approach, possibly in anticipation of further price fluctuations or to lock in profits.</p>
<p>At the time of writing, BTC was trading at $66,918.83, with its price declining by 0.18% in the last 24 hours. The volume of BTC traded had also fallen by 24.99%. Despite this, the MVRV ratio for BTC remained high, indicating that most holders were still profitable.</p>

Bitcoin Plunges to $67K: Could this Dip Propel it Toward the $70K Milestone?

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