Bitcoin slid below $70,000 on Thursday, falling to around $69,100 on Bitstamp during the Asia session and marking its lowest level in 15 months. The drop took BTC back into the $60,000 zone for the first time since early November 2024 and coincided with roughly $130 million in long liquidations over about four hours, according to CoinGlass.
The decline in crypto was mirrored by heightened volatility in precious metals. Gold — which had rallied near $5,100 per ounce the prior day — dipped to about $4,789 before recovering toward $5,000, while silver swung between roughly $90 and $73 per ounce as traders digested rapid price moves.
Market participants signaled that the sell-off looked organized. On X, trader CW warned BTC had entered a critical support area and said a failure to hold the roughly $69,000 level could open the door to a larger drop, with some traders citing downside targets near $50,000. Immediately below the $69,000 region sits the 200-week exponential moving average (EMA), a key long-term support level watched by many investors.
Crypto figures described the action as coordinated selling. Alistair Milne echoed veteran trader Peter Brandt’s description of the behavior as “campaign selling,” suggesting a very large holder or group of holders were deliberately distributing coins to the market on a schedule. Milne said the selling pressure felt like large custodial distributions and OTC desk activity and noted, “For me it started 14th Jan.”
Liquidity measures in U.S. markets also pointed to weak demand. Nic Puckrin, CEO of Coin Bureau, highlighted a sharply negative Coinbase Premium — the price gap between Coinbase’s BTC/USD and Binance’s BTC/USDT pairs — which moved to its lowest reading in over a year and fell below levels seen after “liberation day.” A negative premium is often interpreted as softer U.S. buying interest and, in this case, Puckrin said it suggested selling pressure could continue until that gap narrows.
Charles Edwards, founder of Capriole Investments, observed that longtime “OG” whales appeared to be selling as if prices were still at prior all-time highs, adding to downside momentum.
The situation remains fluid: traders are watching the $69,000 area and the 200-week EMA for signs of support, while others monitor on-chain flows, OTC activity, and exchanges for evidence of further scheduled sales. Short-term volatility in both crypto and precious metals underlines how correlated and sentiment-driven markets have become during abrupt liquidations.
This summary is informational only and not investment advice. Trading and investing involve risk; readers should do their own research and consider consulting a professional before making financial decisions.