Bitcoin Panic Selling Triggers Pull Back to $69k as $4 Billion BTC Moves to Crypto Exchanges

Given that Bitcoin (BTC) recently ignited the fire of reclaiming its all-time high (ATH) price of $73,800, panic selling cut short this objective based on mass liquidation from short-term holders (STHs).

Specifically, 54,353 Bitcoin worth a whopping $3.8 billion were sent to crypto exchanges, and immense selling pressure emerged. This led to a pullback to the $68,500 zone.

Source: Glassnode

Per CoinGecko data, Bitcoin was hovering around $69,995 at the time of writing. This signals a retracement from the recent highs of $72,000.

Known for their reactionary trading traits, STHs were responsible for the liquidation that caused BTC to lose its psychological price of $70,000, according to Glassnode data.

Therefore, Bitcoin must hold the $69,000 support zone to have a chance of hitting a new ATH price.

Renowned market analyst Ali Martinez acknowledged, “After moving up to $72,000, BTC is now testing the $69,000 support zone. If this level holds, BTC could rise to $78,000.”

Source: Ali Martinez

What Does Consecutive Rejections at $72K Mean?

Since Bitcoin has tried five times to breach the $72,000 in vain, it has emerged as a major resistance area that has hindered the leading cryptocurrency from reclaiming its ATH price of $73,800 set in November 2021.

Source: Ali Martinez

In technical analysis, BTC traders have not been willing to pay past this price. On the other hand, hitting a zone repeatedly weakens it, creating a high chance of it being breached in the near future.

Therefore, time will tell how Bitcoin plays out in the short term, with the U.S. elections sparking divided market sentiment, both bullish and bearish.