Key metrics to watch this week
Author
Ahmed Balaha
Author
Share
Bitcoin traders are now stuck with one price: $50,000.
After a hot minute of under-$60,000 flashy brutality, everyone thinks we've finally hit rock bottom.
Yes, the price of Bitcoin temporarily rebounded above $70,000, but here's the thing, no one believed that this was the “bottom” yet.
Key receivers
Analysts warn that the $50,000 could be a “bull trap” designed to eliminate shorts before the retrial. According to JPMorgan data, Bitcoin is trading below the estimated mining production price of $87,000. Technical patterns highlight critical support at $67,350, a breakdown of which could open the door to the $43,000 range.
The weekly close shows weakness despite the $70K rebound
Bitcoin is back to $71,000 as the week begins. However, many seem to think this lineup is sketchy.
Sure, we saw a 7% increase from last week's $60,000 bleed, but basically no volatility around the weekly close. And when things seem so calm after a crash, traders get suspicious.
Trader CrypNuevo said on X: This whole move looks like a calculated play to hunt short positions lined up between $72,000 and $77,000.
If this “recovery” is false, the bears have one target in their crosshairs: $50,000.
Mining costs and stablecoin flows signal caution
Here's a number that should blow your mind: $67,000. This is what it costs miners to produce one bitcoin.
BTC may soon trade below that. Historically, the mining price has acted as a safety net, the price usually not staying below it for long.
If this continues, miners will begin to break. And when miners buy? They dump their Bitcoin to stay alive, which creates more selling pressure. It's a vicious circle.
While the basics may seem dire, there's a lot of cash on the side. Stablecoin revenue has doubled to $98 billion.
They are ready to buy… just waiting for the right moment.
Next Levels: Bitcoin price technical levels to watch
Traders are looking on with surprise as inflation data comes in this week. Right now, all eyes are on $67,350, which is the support level that holds this whole thing together.
What if Bitcoin breaks below that? We're looking at flagship styles that pull prices up to $50,000. Yes, 30%+ sinkable.
There is also a very scary situation. The magic number is $74,434. If BTC can recover and hold above that level, it will kill the bear setup and open the door back to $80,000.
Trending news, recommended popular crypto topics, price predictions
