How important is the 74,000 USD level for Bitcoin?
Bitcoin $BTC just broke below 74,000 USD, and many people don't realize how crucial this level is. Let me explain it clearly in one minute.
1. This level was when the big leader took office, with various positive factors piling up to break through the sky. It directly pushed Bitcoin from 74,000 USD to over 100,000 USD. This level has multiple significances!
2. MicroStrategy, the largest institutional holder of Bitcoin, owns 840,000 BTC with a cost basis of 75,500 USD. The 74,000 USD level has already fallen below their cost price. Previously, when it dropped to 58,000 USD, MicroStrategy sold Bitcoin for the first time to improve its capital structure.
For these two reasons, the 74,000 USD level is extremely important. It is simply the bull-bear dividing line!
If Bitcoin cannot hold above 74,000 USD going forward, we really have to question whether this is still a bull market. Personally, the current situation feels very similar to 2019 overall. If it can't rise above 74,000 USD soon, the market might cause a lot of people to lose hope.
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