Bitcoin Drop Wipes Billions From Recent Buyers: New Whale Cost Basis Falls Toward $90K
Bitcoin is attempting to reclaim the $70,000 level after weeks of volatility. Yet repeated failures to hold that threshold with confirmation suggest that demand remains fragile. Each push above this psychological barrier has been met with renewed selling pressure. Reinforcing the view that the market is still navigating a corrective phase rather than establishing a sustained recovery. Sentiment remains cautious as liquidity conditions tighten and traders look for clearer signs of stabilization. From a technical perspective, price now trades clearly below the major moving averages shown on the chart, all of which are trending downward. This configuration usually signals a mature corrective phase rather than a temporary pullback. The inability to reclaim those averages quickly suggests weak spot demand and continued caution among institutional participants.Related Reading
The $60K–$65K region is emerging as a critical support cluster. A sustained hold above this range could stabilize sentiment and allow consolidation. However, failure to maintain this zone would likely expose deeper liquidity pockets below, potentially accelerating volatility.
Short term, price action appears reactive rather than directional. Until volume stabilizes and BTC reclaims key trend indicators, rallies may remain corrective. Market structure currently reflects redistribution rather than confirmed accumulation, keeping downside risks structurally elevated.
Featured image from ChatGPT, chart from TradingView.com
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