{"id":9637,"date":"2025-03-12T08:13:35","date_gmt":"2025-03-12T07:13:35","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=9637"},"modified":"2025-03-12T08:13:35","modified_gmt":"2025-03-12T07:13:35","slug":"bitcoin-sell-pressure-intensifies-as-high-entry-investors-push-for-a-70k-support-level","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/12\/bitcoin-sell-pressure-intensifies-as-high-entry-investors-push-for-a-70k-support-level\/","title":{"rendered":"“Bitcoin Sell Pressure Intensifies as High-Entry Investors Push for a $70K Support Level”"},"content":{"rendered":"

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Individuals acquiring Bitcoin around the time it achieved a $109,000 record high in January are currently experiencing panic selling as the cryptocurrency faces a downturn, according to the blockchain analytics company Glassnode, which does not dismiss the possibility that Bitcoin could drop to $70,000.<\/p>\n

In a markets report released on March 11, Glassnode indicated<\/a> that a recent wave of selling from primary investors has resulted in \u201cintense loss recognition and a moderate capitulation scenario.\u201d<\/p>\n

Investors with short-term holdings have exited as Bitcoin fell from its peak<\/h2>\n

The increase in purchasers paying elevated prices for Bitcoin (BTC<\/a>) over recent months is demonstrated by the short-term holder realized price \u2014 the average acquisition price for those who have held Bitcoin for less than 155 days.<\/p>\n

In October, the short-term realized price was $62,000. At the time of this report, it stands at $91,362 \u2014 an increase of approximately 47% over five months, as per<\/a> Bitbo data.<\/p>\n

Currently, Bitcoin is trading at $81,930, according<\/a> to CoinMarketCap. This results in the average short-term holder facing an unrealized loss of about 10.6%.<\/p>\n

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Bitcoin has decreased by 5.90% over the last week. Source: <\/em>CoinMarketCap<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Glassnode noted that the realized price for short-term holders indicates that \u201cmarket momentum and capital flows have shifted negatively, indicating a decline in demand strength.\u201d<\/p>\n

\u201cInvestor uncertainty is impacting sentiment and trust,\u201d it further stated.<\/p>\n

Glassnode asserted that short-term holders are \u201csubstantially underwater\u201d between $71,300 and $91,900 and cautions that Bitcoin may drop as low as $70,000 if selling continues.<\/p>\n

\u201cThe likelihood of establishing a temporary support level in this area is significant, particularly in the short term,\u201d Glassnode remarked.<\/p>\n

\"Cryptocurrencies,
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Bitcoin short-term holders are \u201csubstantially underwater\u201d between $71,300 and $91,900. Source: <\/em>Glassnode<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Market analysis firm 10x Research categorized it as a<\/a> \u201cclassic correction\u201d in a note dated March 10, indicating that since Bitcoin’s drop below $80,000, \u201croughly 70% of all selling originated from investors who acquired within the last three months.\u201d<\/p>\n

Related: <\/strong><\/em>Bitcoin dips another 3% \u2014 Is the BTC price headed for $69K next?<\/strong><\/em><\/a><\/p>\n

On the same day, BitMEX co-founder Arthur Hayes mentioned that Bitcoin could retest the $78,000 price point and, should that fail, could subsequently drop to $75,000.<\/p>\n

Glassnode detailed that a similar selling pattern in Bitcoin was observed in August when it declined from $68,000 to around $49,000 due to concerns about a recession, disappointing employment statistics in the United States, and sluggish growth of major tech stocks<\/a>.<\/p>\n

Nevertheless, Bitcoin has surged 7.5% in the last 24 hours as the US market stabilized<\/a> on March 11 after a significant drop the previous day when US President Donald Trump refused to eliminate the possibility of a recession<\/a>.<\/p>\n

Magazine:<\/strong><\/em>The Sandbox\u2019s Sebastien Borget cringes at the term \u2018influencer\u2019: X Hall of Flame<\/strong><\/em><\/a><\/p>\n

This article does not constitute investment advice or recommendations. Every investment and trading action carries risk, and readers should perform their own research before making a decision.<\/p>\n