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Bitcoin News Update: Bitcoin Faces $70,000 Test as Major Holders and Small Investors Exit Amid Bearish Trends

Bitcoin News Update: Bitcoin Faces $70,000 Test as Major Holders and Small Investors Exit Amid Bearish Trends

Bitget-RWA2025/11/22 14:18
By:Bitget-RWA

- 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

. This decline triggered a broader selloff across the crypto market, with alternative coins such as (ETH-USD) and (SOL-USD) tumbling 7.9% and 6.9% respectively . Experts attribute the weakness to a worsening market structure, outflows from ETFs, and increased hedging activity .

Bitcoin News Update: Bitcoin Faces $70,000 Test as Major Holders and Small Investors Exit Amid Bearish Trends image 0
Technical signals continue to point to a bearish outlook. Bitcoin's price is trading well under its 50-, 100-, and 200-day exponential moving averages, while in the negative zone, indicating mounting selling momentum. , points to oversold conditions, though some analysts warn that any recovery may be limited until the main moving averages are regained. , which marks an ascending trend line, has further reinforced the bearish scenario.

The recent downturn has led to notable whale transactions. Owen Gunden, an early Bitcoin adopter and the eighth-wealthiest crypto holder,

over the last month. that Gunden moved his last 2,499 BTC to Kraken, fully exiting a position built through arbitrage on now-defunct platforms like Mt. Gox. This action has about whether long-term investors are giving up or simply taking profits. At the same time, the market, with $636.7 million in liquidations occurring within a single day.

Prominent investors are responding to the volatility. Robert Kiyosaki, author of Rich Dad Poor Dad,

in near the $90K mark, reallocating the proceeds into cash-generating businesses such as surgery centers and billboards. Although he remains optimistic about Bitcoin's future, Kiyosaki stressed his preference for turning crypto gains into steady income streams—a strategy that has ignited discussion among his followers about passive income versus holding for appreciation .

Blockchain analytics indicate the market is at a pivotal juncture.

that there is a lack of spot demand, futures traders are avoiding leverage, and implied volatility remains high, all pointing to a risk-off environment. Analysts caution that the market's direction will depend on whether buying interest returns at crucial levels or if the current weakness leads to a prolonged downturn . that extreme bearishness among retail traders often comes before a reversal, though the timing is unpredictable.

The next phase for crypto will be shaped by institutional moves and broader economic trends.

from Bitcoin ETFs underscore declining retail participation, while and liquidity issues remain. Should Bitcoin fail to maintain $90K, the $70K level could become the next major battleground between buyers and sellers . As one trader remarked, "The coming days will reveal if Bitcoin can stabilize or if sellers will dictate the next chapter."

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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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