Liquidation wall looms for BTC longs at $104K

Industry landscape

• Nasdaq has applied to the US SEC to add XRP, SOL, ADA, and XLM to its cryptocurrency index.
• According to The Reporter, Muluken Amare, director of the Ethiopian Financial Intelligence Service (FIS), has revealed that Ethiopia is preparing a regulatory framework for cryptocurrencies.
• According to CoinDesk, Strategy founder Michael Saylor has downplayed the threat of quantum computing to Bitcoin in an interview with CNBC, believing that when the threat is imminent, the Bitcoin protocol can respond to potential risks through software upgrades.
• Biometric identity project "World" will launch operations on June 12 in London, UK.
• According to encryption journalist Eleanor Terrett, an alternative amendment to the US Digital Asset Market Structure Act, the CLARITY Act, has been released.
• According to Cointelegraph, US Republican Congressman Tim Burchett has proposed the HR 3798 bill, which aims to establish a national strategic Bitcoin reserve.
• According to the Huaxia Times, Bitcoin and Ethereum perpetual contracts may be the first pilot projects for virtual asset derivative trading in Hong Kong.
• According to the South China Morning Post, Hong Kong's Financial Secretary, Christopher Hui, has stated that stablecoins, leveraging blockchain and other technologies for payment functions, must have redemption requests from holders processed within one business day.

Exchange updates

• OKX Wallet is upgrading services for the Fractal BRC-20 protocol, and it is expected to resume normal operation in mid-to-late June.
• Binance Alpha has launched Open Loot (OL).

Mainstream data observations

BTC core liquidation positions:

Long positions at $104,604 with a liquidation amount of $648 million.

Short positions at $106,566 with a liquidation amount of $150 million.

The current BTC price is $105,555. Strong liquidation pressure on long positions, with concentration near $104,000 and significant liquidation pressure around this level.

ETH core liquidation positions:

Long positions at $2,475.1 with a liquidation amount of $215 million.

Short positions at $2,550.5 with a liquidation amount of $399 million.

The current Ethereum price: $2,490. Significant liquidation pressure on short positions, with a substantial liquidation amount around $2,550, a key price level to watch.

Total stablecoin market cap: $250.47B

The total market cap saw a slight increase on June 9th.

Over the last seven days, USDT increased by $1.644B, USDC increased by $144.1M, and USDe increased by $425.51M.

BTC market share: 64.66%

TOTAL 3 market cap: $846.87B

BTC market share saw a slight increase. TOTAL 3 market cap has decreased significantly since the morning on June 9, but it remains above the recent two-day low. BTC is currently testing its support level again.

Bitcoin MVRV-Z score: 2.42

MVRV is the ratio of the minimum market value (current market cap) to the realized value (the total value of all BTC at their last movement). BTC’s market valuation has cooled slightly, but it remains in a neutral-to-high score range.

Bitcoin BVIV score: 44.02

The BVIV score is currently in a moderately high volatility range. Opportunities arising from this volatility should be noted, but caution is advised when using leverage, and stop-loss points should be set to manage potential price swings.

[Market rating]

BTC dipped again on the night of June 8 below $105,000 but quickly rebounded above $105,000 and started fluctuating upward, reaching a high of $106,499.5. Moving forward, the focus will be on BTC’s support levels. After finding support in this range, a bullish outlook for BTC is expected. The current market’s bull/bear sentiment score is 70 (Cautiously bullish).

[0-40 Bearish; 40-50 Cautiously Bearish; 50-70 Neutral; 70-80 Cautiously Bullish; 80-100 Bullish]

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