#Over 100 Companies Hold Over 830,000 BTC#
According to reports as of June 19, more than 100 companies collectively hold over 830,000 BTC, worth about $86.476 billion.
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Will Bitcoin fall below the 100,000 dollar level as Q2 is about to end?
As geopolitical tensions escalate and investor sentiment turns bearish, selling pressure is increasingly spreading across both the spot market and the derive market of Bitcoin.
The instability in the global macroeconomic environment has led many investors to adopt risk protection strategies, especially as Bitcoin appears to be vulnerable with the second quarter gradually coming to an end.
Bitcoin futures traders turn their backs
As Bitcoin struggles to maintain its upward momentum around the price of $103,000, Bitcoin futures traders are increasingly turning their backs on this coin.
According to data from Coinglass, the Long/Short ratio of Bitcoin — a key indicator reflecting market sentiment — has shifted entirely towards Short since June 17, indicating a loss of confidence in the ability to sustain the recent price increase of BTC. At the time this article was published, the ratio was 0.95, showing that the majority of traders are currently betting on the bearish trend of Bitcoin.
Moreover, the indicators from the daily chart of the BBTrend indicator further clarify the bearish outlook for Bitcoin. As the price momentum of BTC weakens, the green bars on the indicator also narrow, indicating that buying pressure is diminishing and bullish strength is gradually fading.
When the BBTrend switches to a bearish state or the green bars shrink, this signals that the upward momentum has weakened and the asset may be entering a consolidation phase or preparing for a reversal. The continuous maintenance of a bearish state by the BBTrend indicates that selling pressure is dominating, increasing the likelihood that the price of Bitcoin will continue to adjust in the near future.
BTC falls to its lowest level in two weeks: Will the support at 102,000 dollars hold?
Yesterday, the price of Bitcoin fell to its lowest level in 15 days, hitting the mark of 102,345 dollars. Although it recovered slightly and closed at 103,297 dollars, the bearish pressure remained unabated, as the price of Bitcoin continued to fall by 2% in the past 24 hours.
If the demand shortage continues to persist, Bitcoin may extend its bearish trend and reach the $101,520 level. If the buyers cannot successfully defend this key support level, Bitcoin may fall into a deeper bearish trend, down to $97,658.
Justin