Bitcoin is at a crucial point, stuck in a strong support zone between $69,380 and $67,350. Nearly 2 million addresses have bought around 964,000 BTC within this range, and their investment is approaching breakeven due to the recent price drop. The stability of Bitcoin's price in this zone is crucial for its upward momentum.

The recent market downturn has put this support to the test, with Bitcoin's value falling to $69,300 from $71,500. This drop was triggered by the US jobs data, which may impact the Federal Reserve's decision on rate cuts, spreading pessimism in the crypto community. The concern now is whether Bitcoin can maintain its price above $67,000, a threshold that, if breached, could lead to further declines.

The recent market dynamics have been unfavorable for long positions, with total liquidations amounting to $65.95 million in the last 24 hours, mostly attributed to long positions. This overwhelming liquidation signals potential bearish sentiment among traders, exacerbating concerns about Bitcoin's price stability. If the addresses holding 964,000 BTC lose their breakeven point and sell their holdings, it could trigger a cascading effect, pushing the BTC price lower.

However, there are positive developments that could bolster Bitcoin's resilience. Spot Bitcoin ETFs have continued to attract substantial inflows, providing a counterbalance to the selling pressure. The ongoing inflows into Bitcoin ETFs suggest sustained interest and confidence among institutional investors, which could provide a much-needed buffer against the market's downward pressure.

In conclusion, Bitcoin is at a critical juncture, and its price stability in the current support zone is crucial. While there are bearish indicators, the continuous demand from institutional investors through Bitcoin ETFs could play a pivotal role in stabilizing the price. The next move will be crucial in determining whether Bitcoin will dip further or regain its momentum.