Bitcoin high-entry buyers are driving sell pressure, price may ‘floor’ at $70K
12 Março 2025 - 3:01AM
Cointelegraph
Bitcoin buyers who purchased around when it hit a $109,000
all-time peak in January are now panic-selling as the
cryptocurrency declines, says onchain analytics firm Glassnode,
which isn’t ruling out that Bitcoin could slide to $70,000.
Glassnode said in a
March 11 markets report that a recent sell-off by top buyers has
driven “intense loss realization and a moderate capitulation
event.”
Short-term holders fled as Bitcoin dropped from peak
The surge in buyers paying higher prices for Bitcoin
(BTC) in recent months is reflected in
the short-term holder realized price — the average purchase price
for those holding Bitcoin for less than 155 days.
In October, the short-term realized price was $62,000. At the
time of publication, it’s $91,362 — up about 47% in five months,
according to Bitbo data.
Meanwhile, Bitcoin is trading at $81,930 at the time of
publication, according to CoinMarketCap.
This leaves the average short-term holder with an unrealized loss
of roughly 10.6%.
Bitcoin is down 5.90% over the past seven days. Source:
CoinMarketCap
Glassnode said that short-term holders’ realized price shows it
is apparent that “market momentum and capital flows have turned
negative, signaling a decline in demand strength.”
“Investor uncertainty is affecting sentiment and confidence,” it
added.
Glassnode said that short-term holders are “deeply underwater”
between $71,300 and $91,900 and warns that Bitcoin could bottom out
as low as $70,000 if selling persists.
“The probability of forming a temporary floor in this zone is
meaningful, at least in the near term,” Glassnode said.
Bitcoin short-term holders are “deeply underwater” between
$71,300 and $91,900. Source:
Glassnode
Market research
firm 10x Research labeled it a “textbook correction” in a March
10 note, adding that with Bitcoin’s dip below $80,000,
“approximately 70% of all selling came from investors who bought
within the last three months.”
Related: Bitcoin slides another 3% — Is BTC price headed
for $69K next?
On the same day, BitMEX co-founder Arthur Hayes said that
Bitcoin may retest the $78,000 price level and, if that fails, may
head to $75,000 next.
Glassnode explained that a similar sell-off Bitcoin pattern was
seen in August when Bitcoin fell from $68,000 to around $49,000
amid fears of a recession, poor employment data in the United
States, and sluggish growth
among leading tech stocks.
However, Bitcoin has spiked 7.5% over the past 24 hours
as the US market
steaded on March 11 after plunging a day earlier after US
President Donald Trump refused to rule out that a
recession was on the cards.
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This article does not
contain investment advice or recommendations. Every investment and
trading move involves risk, and readers should conduct their own
research when making a decision.
...
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Bitcoin high-entry buyers are driving sell pressure,
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