Bitcoin’s selling pressures have resulted in a marked decrease, leading it to slip below the $70,000 threshold for the first time since the November 2024 peak.

Key Highlights:

• Bitcoin falls below its 2021 high for the first time in over a year.
• Market responses saw volatility in gold and silver, which mirrored movements in BTC.
• Traders suspect substantial entities are systematically liquidating BTC.

Bitcoin Faces a New Low

Data from TradingView highlighted a drop to $69,100 on Bitstamp during Asian hours. This sharp decline triggered approximately $130 million in long liquidations within four hours, as reported by CoinGlass.

“BTC has entered a key support zone, and if it fails to hold the $69k level, a significant decline may occur.”

Reacting to current conditions, crypto entrepreneur Alistair Milne noted the parallels to earlier selling sprees from significant players.

In tandem with these developments, Nic Puckrin highlighted the decline in the Coinbase Premium, indicating less demand for Bitcoin in the U.S., while Charles Edwards observed that some early adopters are acting as if Bitcoin were still trading at its all-time high.

For stakeholders in the market, these events signal a sustained selling environment until demand begins to recover.