Bitcoin is facing significant selling pressure from multiple institutional sources, threatening further declines. Veteran trader Peter Brandt identifies “campaign selling” by large players as a primary driver, while data indicates miners and U.S. spot ETFs are reducing their BTC holdings. These outflows, combined with a bearish technical pattern, suggest the price could drop toward $63,800 and potentially find a bottom near $54,600. The current environment reflects a fragile market caught between capitulation and accumulation phases.
Bitcoin’s price fell over 22.5% to $69,000 last week, erasing gains from the previous 15 months. Veteran trader Peter Brandt suggests the downtrend may not be over, citing sustained selling pressure.
Brandt noted the price action had “fingerprints of campaign selling,” indicating deliberate distribution by large institutions. Concurrently, on-chain data shows Bitcoin miners have been in a period of net distribution throughout January.
U.S. spot Bitcoin ETFs have also reduced their exposure, with their collective net BTC balance declining to 1.27 million BTC. This institutional selling has pushed the Coinbase premium, a gauge of institutional demand, to yearly lows.
The bearish structure leads Brandt to a technical downside target near $63,800, approximately 10% below current levels. Meanwhile, analyst GugaOnChain points to a potential deeper bottom zone around $54,600.
GugaOnChain’s analysis suggests Bitcoin is in a critical transition between capitulation and accumulation. “The current price convergence toward the band signaling the start of the accumulation phase, situated around $54.6K, suggests we are in the critical transition between Capitulation and Accumulation,” the analyst stated.
