Bitcoin’s Drop to $69K Wipes Out 15 Months of Bull Market Gains

• Bitcoin breached 2021 highs, driven by notable sell pressures.

• Precious metals' volatility mirrored Bitcoin's downturn as it targets lower price points.

• Large entities appear to be strategically offloading Bitcoin, impacting price stability.

Bitcoin Dips Below Key $70,000 Threshold Amid Suspicious Selling Activity

On Thursday, Bitcoin's value slipped under $70,000, falling beneath its 2021 peak for the first time since November 2024, as coordinated selling fears emerged. Data from TradingView revealed that Bitcoin reached a 15-month low of $69,100 on Bitstamp during Asia's trading hours. The drop incited approximately $130 million in crypto long liquidations within a four-hour timeframe, according to CoinGlass.

Mirroring precious metals' abrupt fluctuations, Bitcoin's decline coincided with significant movements in gold and silver prices. Gold plummeted to $4,789 per ounce after a previous rise to $5,100, while silver's volatility spanned between $90 and $73 per ounce.

Trader CW warned on social platform X that Bitcoin has entered a crucial support zone, suggesting another downturn if the $69,000 level fails to hold. Observers from the trading community propose further price targets around the $50,000 mark, while the 200-week exponential moving average support remains critical just below the current levels.

Crypto entrepreneur Alistair Milne echoed veteran trader Peter Brandt's views, attributing the sell-off to "campaign selling" by large holders. Milne noted this ongoing sell pressure seemed akin to past events, such as the German government's BTC liquidation, implying covert distribution strategies involving OTC desks. According to Milne, the sell-off began around January 14.

Waning US Demand Reflects in Coinbase Premium Decline

Nic Puckrin, CEO of Coin Bureau, also highlighted significant whale selling during US trading hours. As previously reported by Cointelegraph, a negative Coinbase Premium, which indicates the pricing gap between Bitcoin trades on Coinbase and Binance, underscored weak US demand. Puckrin pointed out that the Premium has plunged to its lowest in over a year, even surpassing post-Liberation Day tariffs levels, warning of continued selling pressure until conditions reverse.

Charles Edwards of Capriole Investments observed that "OG" whale activities suggested they perceived Bitcoin's price as nearing or at all-time highs, contributing to the current strategic selling trends.