{"id":124888,"date":"2025-03-12T06:15:42","date_gmt":"2025-03-12T06:15:42","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=124888"},"modified":"2025-03-12T06:15:42","modified_gmt":"2025-03-12T06:15:42","slug":"bitcoin-high-entry-buyers-are-driving-sell-pressure-price-may-floor-at-70k","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=124888","title":{"rendered":"Bitcoin high-entry buyers are driving sell pressure, price may \u2018floor\u2019 at $70K"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsBitcoin 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\u2019t ruling out that Bitcoin could slide to $70,000.<br \/>\nGlassnode said in a March 11 markets report that a recent sell-off by top buyers has driven \u201cintense loss realization and a moderate capitulation event.\u201d<br \/>\nShort-term holders fled as Bitcoin dropped from peak<br \/>\nThe surge in buyers paying higher prices for Bitcoin (BTC) in recent months is reflected in the short-term holder realized price \u2014 the average purchase price for those holding Bitcoin for less than 155 days.<br \/>\nIn October, the short-term realized price was $62,000. At the time of publication, it\u2019s $91,362 \u2014 up about 47% in five months, according to Bitbo data.<br \/>\nMeanwhile, 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%.<br \/>\nBitcoin is down 5.90% over the past seven days. Source: CoinMarketCapGlassnode said that short-term holders\u2019 realized price shows it is apparent that \u201cmarket momentum and capital flows have turned negative, signaling a decline in demand strength.\u201d\u00a0<br \/>\n\u201cInvestor uncertainty is affecting sentiment and confidence,\u201d it added.<br \/>\nGlassnode said that short-term holders are \u201cdeeply underwater\u201d between $71,300 and $91,900 and warns that Bitcoin could bottom out as low as $70,000 if selling persists.<br \/>\n\u201cThe probability of forming a temporary floor in this zone is meaningful, at least in the near term,\u201d Glassnode said.<br \/>\nBitcoin short-term holders are \u201cdeeply underwater\u201d between $71,300 and $91,900. Source: GlassnodeMarket research firm 10x Research labeled it a \u201ctextbook correction\u201d in a March 10 note, adding that with Bitcoin\u2019s dip below $80,000, \u201capproximately 70% of all selling came from investors who bought within the last three months.\u201d<br \/>\nRelated: Bitcoin slides another 3% \u2014 Is BTC price headed for $69K next?<br \/>\nOn 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.<br \/>\nGlassnode 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.<br \/>\nHowever, Bitcoin has spiked 7.5% over the past 24 hours as the US market steaded on March 11 after plunging a day earlier after US President Donald Trump refused to rule out that a recession was on the cards.<br \/>\nMagazine:The Sandbox\u2019s Sebastien Borget cringes at the word \u2018influencer\u2019: X Hall of Flame<br \/>\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-high-entry-buyers-sell-pressure-btc-retrace-possible?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsBitcoin 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\u2019t&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124888"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=124888"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124888\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=124888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=124888"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=124888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}