Bitcoin Slides Below $70,000 for First Time in 15 Months as “Enormous” Player Sells
Thursday’s price action pushed Bitcoin (BTC) to a fresh 15‑month low around $69,100, reigniting concerns over coordinated selling from a large holder and prompting a wave of liquidations across the market.
Market Overview
During the Asian trading session, data from TradingView showed Bitcoin slipping to $69,100 on the Bitstamp exchange, marking the first time the digital asset has breached the $70,000 barrier since November 2024. The decline was swift, knocking the price into the $60,000 corridor for the first time in over a year and triggering roughly $130 million in crypto‑long liquidations within a four‑hour window, according to CoinGlass.
The sell‑off coincided with heightened volatility in precious metals. Gold, which had rallied to just above $5,100 per ounce the previous day, dropped to sub‑$4,800 levels before finding support near $5,000. Silver oscillated between $73 and $90 per ounce, underscoring broader risk‑off sentiment in traditional markets.
What’s Driving the Dip?
Large‑Scale Selling:
Multiple market participants noted that the price move appears linked to a coordinated off‑exchange disposition. Crypto entrepreneur Alistair Milne echoed veteran trader Peter Brandt’s observation that the market is experiencing a “campaign selling” episode, suggesting a substantial holder is unloading BTC against a predetermined deadline. Milne likened the current dynamics to Germany’s earlier distribution of its Bitcoin reserves, where large blocks were moved to over‑the‑counter desks for execution.
Whale Activity:
Capriole Investments founder Charles Edwards highlighted that “OG” whales are still offloading BTC as if the price were at all‑time highs, a behavior that can exacerbate downward pressure when the market lacks sufficient buying interest.
US‑Based Demand Weakness:
The Coinbase Premium—a metric that compares BTC prices on Coinbase and Binance—has plunged to its lowest point in over a year, now sitting below levels observed after the market’s “Liberation Day” rally. Nic Puckrin, CEO of the crypto‑education platform Coin Bureau, pointed to the premium’s decline as evidence that US‑based retail demand is waning, further feeding the sell‑side imbalance.
Technical Landscape
- Key Support Zone: The $69,000 level now acts as an immediate support area. A break below could open the path to the 200‑week exponential moving average (EMA) positioned around $68,000, a historically significant trend line.
- Potential Lower Targets: Analysts have identified a broader range near $50,000 as a possible downside scenario if bearish momentum persists, though such a move would require a sustained breach of the 200‑week EMA and a reaffirmation of weak demand.
- Liquidity Shock: The $130 million of long liquidations indicates that leveraged traders were caught off guard, which may lead to further price corrections as margin calls ripple through the order books.
Key Takeaways
| Insight | Implication |
|---|---|
| Coordinated off‑exchange selling | Suggests a large holder is systematically reducing exposure, which can depress prices regardless of on‑exchange activity. |
| Coinbase Premium at multi‑year lows | Highlights a shortage of US retail buying pressure, potentially limiting immediate price recovery. |
| Support level at $69,000 | Holds as the next technical hurdle; breaching it could trigger a slide toward the 200‑week EMA (~$68k). |
| Liquidity crunch | Recent long liquidations may fuel further volatility as traders adjust positions. |
| Precious‑metal volatility | Moves in gold and silver reflect broader risk‑aversion, reinforcing the downside bias for risk assets like BTC. |
Outlook
While Bitcoin’s descent below $70,000 marks a notable technical setback, the overall market narrative remains uncertain. If the “enormous” seller continues to distribute BTC on schedule, price pressure may stay elevated until a new supply–demand balance is reached. Conversely, a rebound in retail demand—particularly from US platforms—could narrow the Coinbase Premium and provide the buying support needed to defend the $69,000 zone.
Stakeholders should monitor on‑chain flow data, premium spreads, and the behavior of large‑scale holders for early signals of a shift in market dynamics. As always, participants are reminded that cryptocurrency markets are highly volatile, and prudent risk management remains essential.
Source: https://cointelegraph.com/news/bitcoin-price-erases-15-months-bull-market-69k-comedown?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
