Bitcoin (BTC) slipped below $70,000 on Thursday amid growing suspicion of coordinated large-scale selling.
Key points:
– BTC fell beneath its 2021 highs for the first time since November 2024.
– Gold and silver volatility mirrored BTC moves, keeping downside targets in play.
– Market participants report that sizable entities appear to be selling BTC on a schedule.
Bitcoin collapses to $69,000 in fresh cascade
TradingView data showed new 15-month lows around $69,100 on Bitstamp during the Asia session. The drop marked Bitcoin’s first return to the $60,000 zone since early November 2024 and triggered roughly $130 million in long liquidations over four hours, according to CoinGlass.
The crypto downturn coincided with sharp reversals in precious metals. Gold — which had bounced to about $5,100 per ounce the day prior — dipped to near $4,789 before moving back toward $5,000. Silver swung between roughly $90 and $73 per ounce as volatility held sway.
Trader CW warned on X that BTC had entered a critical support area and that a failure to hold the $69,000 level could prompt another substantial drop. Traders earlier cited various downside targets, including the area around $50,000. Directly below $69,000 sits the 200-week exponential moving average (EMA) trendline, a key long-term support.
Reacting to the move, crypto entrepreneur Alistair Milne agreed with veteran trader Peter Brandt’s characterization of the action as “campaign selling.” Milne suggested “someone enormous is unloading to a deadline,” likening the selling pressure to periods when large custodial holders distributed coins to the market and OTC desks executed sales. Milne said, “For me it started 14th Jan.”
Coinbase Premium undercuts Liberation Day low
Nic Puckrin, CEO of Coin Bureau, also flagged heavy whale selling during U.S. hours. The Coinbase Premium — the price difference between Coinbase’s BTC/USD and Binance’s BTC/USDT pairs — turned notably negative, indicating weak U.S. demand. Puckrin noted the premium was at its lowest level in over a year, below post-liberation day readings, and said selling pressure was likely to persist until the premium retraced.
Charles Edwards, founder of Capriole Investments, observed that long-time “OG” whales were dumping BTC as if prices were still at prior all-time highs, amplifying downward pressure.
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