"75,000 dollars is the lifeline"...Bitcoin's next direction is decided

▲ Bitcoin (BTC) ©Dasol Ko

As Bitcoin (BTC) falls below $80,000, accelerating the exit of short-term investors, $75,000 is emerging as a key turning point that will determine the future trend in the market.

According to crypto media outlet Finbold on May 8 (local time), Bitcoin fell 1.34% in 24 hours, pushed by strong spot selling pressure after failing to break through the $82,850 resistance. BTC traded around $79,840, a drop of approximately $1,083, and its market capitalization also decreased by about $21.5 billion, falling to around $1.6 trillion.

The media analyzed that selling pressure intensified recently after Bitcoin approached the key liquidity zone around $88,880. This price range overlaps with the average purchase price of investors who entered 3-6 months ago. The market interpreted this as some investors expanding their short positions, expecting further declines and a capitulation bottom formation.

On-chain indicators also captured the trend of short-term investors exiting. According to Santiment data, the number of Bitcoin-holding wallets decreased by approximately 245,000 in the past 5 days. This is the fastest rate of decline since the summer of 2024. Currently, the number of non-empty wallets in the Bitcoin network is estimated to be around 58.88 million.

The market is focusing on $75,000 as the next key price level. According to CryptoQuant, this range coincides with the price level where short-term holders who purchased Bitcoin in the last 1-3 months transitioned from a loss-making state to a profit-making state in April. The media explained that this price level acts as a key support line distinguishing between a 'healthy correction' and a 'structural collapse'.

However, the unrealized profit rate of short-term holders has risen to its highest level since June last year. The market analysis suggests that if Bitcoin successfully rebounds after holding $75,000, it can be interpreted as a strong signal of upward recovery, but conversely, if this level breaks, downward pressure could increase further.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*