Bitcoin is currently facing pressure from multiple directions, fueling bearish expectations across the market.
Trading around $70,500 after pulling back from recent highs, the market is now dealing with a significant supply shock. In just one day, around 44,459 BTC worth approximately $3.15 billion, were moved onto exchanges, signaling that long-term holders are taking profits simultaneously.
Among the most notable movements, a wallet inactive since 2013 recently sold 3,500 BTC, generating an estimated $442 million profit. This represents a return of over 266x. At the same time, early adopter Owen Gunden transferred $46.3 million worth of Bitcoin to Kraken, while Bhutan continues reducing its holdings, now holding less than 4,500 BTC.
On the macro side, the Federal Reserve kept interest rates unchanged between 3.50% and 3.75%. However, this stability hasn’t been enough to offset the impact of large-scale profit-taking, suggesting that the current consolidation phase may continue.
Key Levels: Can Bitcoin Hold $69,000?
Bitcoin has recently broken below both the $72,000 level and the upper trendline of its ascending channel, a move that confirms bearish momentum.
The rising wedge pattern that formed since early February has now resolved downward. The next active scenario points toward a move to $64,000, which is no longer just a risk but a realistic short-term target. Below that, $60,000 stands as the last major support before a deeper structural breakdown.
The $72,000 level, which briefly acted as support, has now turned back into resistance. Any recovery attempt is likely to face strong selling pressure in that area.
The only bullish argument left is that the lower trendline of the wedge is still ascending and converging near $64,000. This level has previously acted as a strong demand zone and could trigger a potential rebound if tested again.
For a complete shift back to a bullish outlook, Bitcoin would need a daily close above $72,000. This would reopen the path toward $80,000, $84,000, and potentially $90,000. For now, however, that scenario remains unlikely unless strong buying returns.
