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

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

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 $82,482 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%.

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.

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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.