💰 Bitcoin ETF Holders Near Loss Threshold Ahead of US Data
Bitcoin is trading near $83,000, sitting precariously above the critical $81,722 level. Bloomberg analyst James Seyffart identifies this price as the average cost basis for Bitcoin ETF holders. A decline of just 2.2% would put the average institutional buyer back into a net loss.
The market is bracing for a massive economic data dump on Wednesday. At 8:30 a.m. ET, the US will release PCE inflation figures, GDP estimates, and personal income data. These reports follow the ADP private employment report scheduled for 8:15 a.m. ET.
Analysts warn that "hotter" inflation data could spike bond yields, potentially pushing BTC below the $81,722 support and toward the 365-day moving average at $80,500. Conversely, soft inflation data could trigger a test of the $84,000 to $85,000 supply zone.
#Bitcoin #CryptoNews #ETF #Macro
Bitcoin is trading near $83,000, sitting precariously above the critical $81,722 level. Bloomberg analyst James Seyffart identifies this price as the average cost basis for Bitcoin ETF holders. A decline of just 2.2% would put the average institutional buyer back into a net loss.
The market is bracing for a massive economic data dump on Wednesday. At 8:30 a.m. ET, the US will release PCE inflation figures, GDP estimates, and personal income data. These reports follow the ADP private employment report scheduled for 8:15 a.m. ET.
Analysts warn that "hotter" inflation data could spike bond yields, potentially pushing BTC below the $81,722 support and toward the 365-day moving average at $80,500. Conversely, soft inflation data could trigger a test of the $84,000 to $85,000 supply zone.
#Bitcoin #CryptoNews #ETF #Macro