The cryptocurrency market is reeling from a massive divestment by long-term Bitcoin holders, often referred to as "OG whales," who...
The cryptocurrency market is reeling from a massive divestment by long-term Bitcoin holders, often referred to as "OG whales," who have liquidated $41.6 billion in assets. This unprecedented selling pressure, compounded by a crisis in mining profitability and macroeconomic uncertainty, has pushed Bitcoin to critical support levels, with technical analysts now setting targets as low as $70,000 in a worst-case scenario.
The Whale Exodus Accelerates
The recent sharp decline in Bitcoin's price has triggered one of the largest periods of divestment from seasoned investors in recent history. Long-term holders—the segment of the market historically viewed as the "strongest hands"—have collectively sold $41.6 billion worth of BTC. This exodus signals severe market stress and a profound shift in investor confidence.
The heavy selling contributed to a market deleveraging event, with over $1.3 billion worth of leveraged positions liquidated in a single 24-hour period. Ancient Bitcoin wallets, dormant for years, have also contributed to the downward pressure, highlighting that even the most patient investors are cutting positions.
Mining Profitability Crisis Adds Pressure
Adding to the bearish sentiment is a severe profitability crisis facing Bitcoin miners. Following the recent price drop, miners are confronting some of their lowest earnings in months. Elevated network difficulty combined with reduced transaction fees has squeezed operating margins, forcing many mining operations to liquidate their own BTC holdings to cover costs. Recent data shows over $172 million in BTC sales directly from miner wallets, further dampening market sentiment.
The $70K Threat: Technical Outlook
As Bitcoin breaks down through key psychological and technical support levels, market focus has shifted to lower targets. The failure to hold the critical $100,000 area has opened the door for a deeper test of lower support zones.
Technical analysts are warning that if the selling pressure persists, the cryptocurrency could face a complete retracement toward the $85,000 level. The most cautious, yet credible, forecasts suggest that if these key supports fail, Bitcoin could drop into the $70,000 to $75,000 range. This downside risk is amplified by ongoing macroeconomic and regulatory uncertainty, including political turbulence and the wait for clear digital asset policy frameworks.
While some contrarian investors, like Andrew Tate, have stepped in to "buy the dip," the broader market remains highly cautious, focusing on defense rather than accumulation as the fear index spikes.
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