Bitcoin price dropping due to panic-selling by high-entry buyers, potential floor at $70K

From Cointelegraph

March 12, 2025 02:01:29 AM:

Bitcoin buyers who purchased at the peak of $109,000 in January are panic-selling as the cryptocurrency drops, with Glassnode warning of a possible slide to $70,000. Short-term holders are seeing an average 10.6% unrealized loss as Bitcoin trades at $81,930. Market momentum is negative, with potential for a temporary floor at $70,000. Glassnode suggests that short-term holders are “deeply underwater” and could face further losses if selling continues. Market research firm 10x Research calls the recent dip a “textbook correction” with approximately 70% of selling coming from investors who bought in the last three months. BitMEX co-founder Arthur Hayes predicts Bitcoin may retest $78,000 or even $75,000 next. Glassnode notes similarities to a previous sell-off pattern in August, but Bitcoin has seen a 7.5% spike in the past 24 hours as the US market stabilized after fears of a recession.

Read more at Cointelegraph: Bitcoin high-entry buyers are driving sell pressure, price may ‘floor’ at $70K