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

Quick Summary:

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.”Short-term holders fled as Bitcoin dropped from peakThe 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.

Source: GlassnodeMarket research firm 10x Research labeled it a “textbook correction” in a March 10 note, adding that with Bitcoin’s dip below $80,000, “approximately 70% of all selling came from investors who bought within the last three months.”Related: Bitcoin slides another 3% — Is BTC price headed for $69K next?

Glassnode said that short-term holders are “deeply underwater” between $71,300 and $91,900 and warns that Bitcoin could bottom out as low as $70,000 if selling persists.“The probability of forming a temporary floor in this zone is meaningful, at least in the near term,” Glassnode said.

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Article Details

Author / Journalist: Cointelegraph by Ciaran Lyons

Category: Crypto

Markets: United States

Topics: Selling Firm Price Realized Glassnode Short-term Buyers Bitcoin Research Months March

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-12 @ 06:01:29 (16 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 487 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 26914442

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