Bitcoin (BTC) has decisively broken below the psychologically significant $90,000 level, reaching a six-month low under $81,000.<\/p>\n
According to analyst CryptoOnchain, this breach signals a new corrective phase for the digital asset, with their assessment now pointing toward a critical test of the $70,000-$73,000 support zone as the next major battleground for market direction.<\/p>\n
The decline has been sharp, with Bitcoin\u2019s value falling roughly 17% over the past month and over 6% in the last 24 hours alone, based on recent data from CoinGecko.<\/p>\n
This drop pushed the asset to levels not seen since April, triggering<\/a> substantial market liquidations.\u00a0The selling pressure was amplified by activity from long-term holders, with analytics firm Arkham revealing that an early Bitcoin adopter, Owen Gunden, moved<\/a> $230 million in BTC to the Kraken exchange.<\/p>\n This was part of a larger sell-off that saw the entity dispose of 11,000 BTC, worth $1.3 billion, since October, introducing significant sell-side pressure from a source that had been dormant for years.<\/p>\n While the break below $90,000 is technically bearish, CryptoOnchain indicated<\/a> a new trading range is being established between $70,000 and $90,000.<\/p>\n They pointed out that the Point of Control (POC), the price level with the highest traded volume, sits near $83,000, which could act as a magnet for the price, leading to a period of consolidation. However, the primary focus for many is the stronger confluence of support waiting below.<\/p>\n According to CryptoOnchain, the most important area of interest for traders is the $70,000-$73,000 band.\u00a0\u00a0This zone is not just a major technical level; its importance is heavily reinforced by on-chain data, which shows it matches up with the average acquisition cost, or Realized Price, of large Bitcoin holders.<\/p>\n The metrics shared by the expert show these entities, holding between 100 and 1,000 BTC, have a collective cost basis of approximately $71,000.\u00a0\u00a0Historically, when the market price approaches the average purchase price of major investor groups, they often step in to buy more to defend their positions, creating a powerful support floor.<\/p>\n Market sentiment, as tracked by analytics platform Santiment on November 20, reflects<\/a> the ongoing fear. Social media is filled with a mix of optimism from those looking to buy the dip and pessimism from those predicting further losses.<\/p>\n The firm suggested that a true market bottom often forms when retail sentiment becomes overwhelmingly negative, marked by a surge in predictions for prices below $70,000.<\/p>\n The post Bitcoin Loses $90K Support as On-Chain Data Hints at $70K Next<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin (BTC) has decisively broken below the psychologically significant $90,000 level, reaching a six-month low under $81,000. According to analyst CryptoOnchain, this breach signals a new corrective phase for the digital asset, with their assessment now pointing toward a critical test of the $70,000-$73,000 support zone as the next major battleground for market direction. A […]<\/p>\n","protected":false},"author":0,"featured_media":114995,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-114994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/114994"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=114994"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/114994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/114995"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=114994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=114994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=114994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Path to a Potential Bottom<\/h2>\n