$BTC Bitcoin high-entry buyers are driving sell pressure, price may ‘floor’ at $70K $BTC

Bitcoin's “top buyers” are selling heavily, with onchain analytics firm Glassnode calling it a “moderate capitulation event.”#BitcoinDunyamiz

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. #Bitcoinhaving

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.” #Bitcoinarena

The surge in buyers paying higher prices for Bitcoin

BTC

$82,601

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.#bitcoin

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%.$BTC