Bitcoin Slips to $83,000 Amidst Strong ETF Demand and Growing Macro Pressure

Bitcoin's price slipped to $83,000 on Monday, sparking debate about whether this is a healthy retest of its recent breakout or growing macro pressure catching up with crypto. According to Coinglass data, 143,870 traders were liquidated in the past 24 hours for $531.47 million.

Despite strong demand for spot Bitcoin ETFs, which saw net inflows of $134.5 million on Friday, Bitcoin's price did not immediately translate into higher prices. Some analysts believe investors who are around breakeven may be taking profits.

However, if Bitcoin can reclaim the roughly $81,000 to $82,000 average ETF investor cost basis, this could become an eventual accumulation zone. Holding the $82,800 breakout area as support would strengthen the case that the recent decline is a normal retracement.

Bloomberg strategist Mike McGlone argued that Bitcoin remains vulnerable, particularly if equities undergo a meaningful correction.