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BTC Bitcoin analyst Sherlock warns: The US$85,000 to US$86,000 region may trigger significant selling pressure
Although some analysts believe that Bitcoin's breakthrough of the US$85,000 mark will be a key signal confirming a new upward trend, cryptocurrency analyst Sherlock warned that this price range may also bring huge selling pressure.
ETF investors are deeply in losses and have a high concentration of cost areas
According to data shared by Sherlock, the trading price of the U.S. spot Bitcoin ETF has been below the total break-even point (approximately US$86,000) for the past 228 trading days. Data shows that although Bitcoin has risen by 23% in just 21 trading days, as of February this year, unrealized losses of ETF investors have climbed to approximately US$18 billion, of which approximately US$3.9 billion in losses have still not been recovered.
Sherlock specifically pointed out that online data shows that approximately 1.07 million bitcoins were purchased in the price range of US$83,000 to US$86,000, and almost all of them were held by long-term investors. Among them, positions around $85,000 have the highest cost density.
is not an ordinary resistance level, but a key psychological barrier.
Sherlock analysis believes that the area of US$85,000 to US$86,000 is not just an ordinary resistance level in technical analysis, but rather an important cost-intensive area. A large number of investors have been trapped in this position for months, waiting for assets to return to the break-even point to escape the trap.
Previously, Bitcoin prices had once been traded at about 1.5% below the region. In the following week, the spot Bitcoin ETF experienced net outflows for four consecutive trading days, with a cumulative net outflow reaching US$462.7 million.
Need to increase by 11% to recover capital, be wary of the "lure" trap before breaking through
Currently, bitcoin prices are hovering around US$77,600, which means that U.S. spot ETF investors need to increase their prices by about 11% to reach their total cost level again. Sherlock said that only when Bitcoin's daily closing price stabilizes above $86,000 would it indicate that supply in the region has been fully absorbed by the market. However, before this, those trends that investors regard as "new bull market breakthroughs" are very likely to become opportunities for institutional investors who have been losing money for a long time to take profits or leave the market.
This article does not constitute investment advice.
