Bitcoin plunged below the critical $70,000 support level on Thursday, hitting a 15-month low and sparking significant market liquidations. The sudden drop coincided with volatility in precious metals and intensified market speculation that large entities are conducting coordinated selling campaigns.
Bitcoin fell below $70,000, dropping to $69,100 for the first time since early November 2024. This cascade triggered approximately $130 million in crypto long liquidations over a four-hour period, according to data from CoinGlass.
The move mirrored a flash reversal in the prices of gold and silver. Gold retreated from a bounce to $5,100 per ounce, falling as low as $4,789 before recovering.
Market observers pointed to a key support zone around the $69,000 level. Trader CW warned on X that failure to hold could lead to another significant decline.
Crypto entrepreneur Alistair Milne agreed with an assessment from trader Peter Brandt that Bitcoin was experiencing “campaign selling.” Milne stated on X that an enormous entity appeared to be unloading assets to a deadline.
The negative Coinbase Premium, which measures price differences between major exchanges, highlighted a lack of U.S. Bitcoin demand. Nic Puckrin, CEO of Coin Bureau, noted that this metric was at its lowest in over a year.
Charles Edwards, founder of Capriole Investments, observed that large Bitcoin holders were selling aggressively. He stated these “OG whales” were acting as if the price was still at its all-time highs.
