Bitcoin News Update: Bitcoin Faces $70,000 Test as Major Holders and Small Investors Exit Amid Bearish Trends
- Bitcoin fell below $90K, triggering a selloff with altcoins dropping 7.9% and 6.9% as bearish technical indicators and whale exits intensified fears of a deeper correction. - Whale Owen Gunden liquidated $1.3B BTC, sparking speculation about capitulation or profit-taking, while $636M in retail liquidations highlighted market fragility. - Analysts warn of a potential $70K support battle, citing weak ETF flows, elevated volatility, and BlackRock's $523M outflows as key factors determining Bitcoin's next tr
Bitcoin's recent drop below $90,000 has heightened concerns about a more significant downturn, as both on-chain metrics and large holder movements point to $70,000 as the next possible support. The leading cryptocurrency slid 4.5% in the past day to $88.8K by 2:51 p.m. ET, erasing a short-lived bounce to $93.7K the day before
The recent downturn has led to notable whale transactions. Owen Gunden, an early Bitcoin adopter and the eighth-wealthiest crypto holder,
Prominent investors are responding to the volatility. Robert Kiyosaki, author of Rich Dad Poor Dad,
Blockchain analytics indicate the market is at a pivotal juncture.
The next phase for crypto will be shaped by institutional moves and broader economic trends.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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