- Bitcoin sinks to $67,000 support, triggering bearish sentiment.
- Samson Mow reminds Bitcoiners of the long-term investment proposition.
- Altcoins fare badly during the market dip.
Bitcoin experienced a 2.8% downswing on Tuesday, dropping to $67,000 and finding support at that level. The dip has triggered a wave of bearish market sentiment, with swirling fears of further price drops to come.
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Despite the negativity, Jan3 CEO Samson Mow took to X to remind Bitcoin investors of the long-term, bigger picture that drove their initial investing thesis.
Bitcoin Takes a Tumble
As bearish sentiment took hold, Mow offered a compelling reminder to Bitcoin investors that despite market fluctuations, the wealth of global capital is poised to compete for the remaining 1.3 million unmined coins, and that BTC’s long-term investment proposition remained intact.
Bitcoin advocates assert that the cryptocurrency’s attributes, including its fixed supply, immutable ledger, and permissionless nature, offer a solution to the current broken financial system, where wealth inequality rules.
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Investor Jelle took a similar view to Mow, stating “History does not usually repeat, but it often rhymes.” Jelle analyzed past price trends and concluded that current price action is moving similarly to 2017’s bull cycle, which culminated in a surge that took Bitcoin to a new $20,000 all-time high by December 2017.
Under a broken financial system of economic instability and mounting inflationary pressures, advocates argue that a substantial surge of global capital into Bitcoin is inevitable, ultimately favoring early investors.
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Some say the signs of this capital influx have already arrived, pointing to the Wisconsin Pension Fund’s recent purchase of $164 million worth of spot Bitcoin ETFs, as well as persistent rumors of interest from sovereign wealth funds. Nonetheless, BTC’s short-term price action has struggled lately.
Stuttering Price Performance
The $72,000 resistance zone has proven to be a stubborn level for Bitcoin, with the price being rejected by it on five occasions since April 8. The most recent failed attempt to break through this key hurdle came on June 7.
BTCUSD daily chart per Trading View
Tuesday’s daily candle saw a 2.6% drawdown, leaving Bitcoin vulnerable to further drops below the $67,500 support zone.
Meanwhile, altcoins have fared much worse than Bitcoin, with most of the top 100 seeing significant sell-offs. The worst performers at the time of writing are Notcoin, Wormhole, and Ethena, down 12.5%, 12.4%, and 8.9%, respectively, over the past day at the time of writing.
On the Flipside
- Bitcoin‘s value remains a fraction of gold‘s $15.6 trillion market cap.
- Regulatory clarity and mainstream adoption could drive further capital inflows into Bitcoin.
Why This Matters
The scarcity narrative highlighted by Mow underscores Bitcoin’s value proposition as a limited and transparent asset in an era of unprecedented money printing and financial double-dealing.
Bitcoin ETF flows turn negative as its spot price falters:
Bitcoin ETFs Pause 19-day Inflow Streak as BTC Price Plunges
Chiliz’s Dragon8 hard fork is scheduled for rollout in June:
Chiliz Unleashes Dragon8 to Keep Pace with Ethereum, BSC
