"$75,000 is the lifeline"... Bitcoin's next direction will be decided

▲ Bitcoin (BTC) ©Dasol Ko

As Bitcoin (BTC) falls below $80,000, accelerating the exodus of short-term investors, the market is seeing $75,000 emerge as a key turning point that will determine its future direction.

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

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

On-chain indicators also showed an outflow of short-term investors. Santiment data shows that the number of Bitcoin-holding wallets decreased by approximately 245,000 in the last five days. This is the fastest rate of decrease 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 outlet explained that this price level acts as a critical 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 bounces back after holding $75,000, it can be interpreted as a strong signal of upward recovery, but conversely, if this level breaks, downward pressure could intensify further.

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