Bitcoin Wholecoiners Surpass 1 Million, More Than $265 Billion Needed for BTC to Surpass $74,000

bitcoin is in the spotlight, especially now that the overall market is in the red and some sectors, mostly meme coins, are falling. Even as btc is under immense selling pressure, on-chain data points to strength.

Over 1 million bitcoin Wholecoin users

As the price struggles for traction, the number of comprehensive users, or addresses with at least 1 btc, is trending upwards, currently at record levels. Data from IntoTheBlock x.com/intotheblock/status/1806228312206754247″ target=”_blank” rel=”noopener nofollow”>sample that more than 1 million unique addresses now hold more than one btc.

This rise is a huge milestone that underlines the growing number of people aspiring to full-fledged tokenizer status. More importantly, however, it means that more people are clearly bullish on the coin and are willing to accumulate it and become full-fledged users.

As of press time, bitcoin remains unstable, although the overall trend from a top-down preview is bullish. As things stand, btc is being influenced by a variety of fundamental factors. Most of them include the current economic uncertainty, with analysts closely monitoring the US data.

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Although the US Federal Reserve will cut interest rates this year, its decision to cut them once this year, not two or three times as expected, is seen as bearish for btc. Economists said the central bank would turn dovish, reversing its stance from 2022 to 2023 by lowering interest rates from current record highs.

Since the last meeting earlier this month, btc prices have been falling as the USD strengthens. The drop was exacerbated by the decision of Mt. Gox trustees to compensate victims in July, not in October as initially planned. At the same time, the German and US governments have been dumping the currency.

btc remains choppy, over $265 billion must be injected for prices to break all-time highs

an analyst x.com/IT_Tech_PL/status/1806226650041930180″ target=”_blank” rel=”noopener nofollow”>grades that if btc continues to fall, the bulls, most of whom are leveraged, will be liquidated if prices break above $60,000.

According glass coinAs of June 27, over $9.5 million in leveraged long positions were liquidated in the past 24 hours. At the same time, over $15 million in short positions were forcibly closed.

It remains to be seen whether the current sideways movement will continue in the short term. Technically, although the prices are within a wide range, with a limit of around $74,000 on the upper end and $56,000 on the lower end, the bullish trend remains. Carrying x, an analyst saying that for btc to rise and exceed $74,000, more than $265 billion must be injected into the market.

Featured image from Canva, chart from TradingView