Bitcoin high-entry buyers are driving sell pressure, price may ‘floor’ at $70K
Bitcoin’s “top buyers” are selling heavily, with onchain analytics firm Glassnode calling it a “moderate capitulation event.”
Bitcoin buyers who purchased around when it hit a $109,000 all-time peak in January are now panic-selling as the cryptocurrency declines, says onchain analytics firm Glassnode, which isn’t ruling out that Bitcoin could slide to $70,000.
Glassnode said in a March 11 markets report that a recent sell-off by top buyers has driven “intense loss realization and a moderate capitulation event.”
The surge in buyers paying higher prices for Bitcoin (BTC) in recent months is reflected in the short-term holder realized price — the average purchase price for those holding Bitcoin for less than 155 days.
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