If Bitcoin Price Does This, 780,000 BTC Might Be at Risk

Bitcoin (BTC) has dropped about 2% over the last 24 hours and is once again below $27,000 as investors continue to consider the effects of the U.S. debt ceiling agreement and last Friday's strong jobs report.

Timeline of Bitcoin

BTC/USD Tests 26676 Target: Sally Ho's Technical Analysis – 6 June 2023 Bitcoin (BTC/USD) retained its bearish outlook early in the Asian session as the pair depreciated from the 27466.83 level and reached the 26674.83 area, representing a test of a downside price objective around the 26676 area. Related downside price objectives include the 26120, 25565, 24878, and 23767 levels.

Coinbase derivatives exchange is set to launch its institutional-sized bitcoin (BTC) and ether (ETH) futures contracts. The company says the financial instruments will come with enhanced risk management features and lower fees.

Speculation is mounting over which Central Asian country has added Bitcoin to its treasury. On June 4, Crypto Lawyer Irina Heaver said a country in Central Asia would soon announce holding BTC as a treasury asset.

According to Google Trends, worldwide interest surrounding the term “bitcoin” has plummeted to its lowest point since October 2022, registering a mere 17 out of 100. The active interest for the term has taken a nosedive since June 2022, when the search query for bitcoin reached a score of 64 out of 100.

JPMorgan has partnered with Indian banks to settle dollar transactions using the blockchain. Meanwhile, the bank also believes there will be a surge in Bitcoin (BTC) demand as the halving event is less than a year away.

TradeZing CEO Jordan Edelson spoke with Benzinga at Bitcoin 2023, a major cryptocurrency event at the Miami Beach Convention Center. Edelson, who was in the pre-launch phase last year, has since rolled out a mobile app as a closed beta in September.

With the majority of assets in the cryptocurrency market opening the week on a bearish note, Bitcoin (BTC) is no exception, dropping below the critical psychological level of $27,000. However, optimism still remains as the flagship cryptocurrency closed another week above the 200-week moving average (MA).

The U.S. Treasury Department didn't wait long enough after the debt ceiling deal and decided to start offering Treasury bills immediately. The US Treasury to auction $173 billion in short-term Treasury bills on June 5 to start rebuilding its depleted cash balance, with $1 trillion in T-bills expected by the end of the third quarter.

Cryptocurrency markets consolidated to start the week, with bitcoin trading below the $27,000 mark during today's session. Volatility has been significantly higher in the past few days, as the unemployment rate in the United States surged to a multi-month high.

Detroit-based Benzinga, a media and data provider bridging the gap between retail and institutional investors, sent its team to Miami, Florida, for Bitcoin 2023. During the event, Benzinga sought to recognize the innovation in digital assets broadly and spoke with founders, officials and investors in various crypto-related companies.