Bitcoin has taken a significant hit, falling below the $70,000 mark for the first time since November 2024, marking an end to a 15-month bull market. The cryptocurrency's price plummeted to $69,100 during the Asia trading session, raising concerns about further declines. Market analysts are observing increased selling pressure, with many attributing the downturn to large entities unloading their holdings on a set schedule.

This recent plunge has sparked a chain reaction in the crypto market, leading to around $130 million in long liquidations over just four hours. Traders are now speculating about potential price targets below $69,000, with areas around $50,000 becoming points of interest. The volatility in Bitcoin's price seems to align with fluctuations in precious metals, particularly gold and silver, which have also experienced significant swings lately.

As Bitcoin approaches a critical support zone, experts are cautioning that failure to hold the $69,000 level could lead to a more substantial decline. The 200-week exponential moving average (EMA) trend line lies just below this price point, serving as a crucial indicator for traders. With some experts comparing current selling pressures to previous market distributions, the sentiment among traders remains cautious.

Meanwhile, the Coinbase Premium, which measures the price difference between Coinbase's BTC/USD and Binance's BTC/USDT, has dropped to its lowest point in over a year, indicating waning demand in the U.S. market. Observers note that this negative premium suggests that selling pressure may continue until market dynamics shift.

In the face of these market forces, prominent figures in the crypto space are weighing in. Some traders are echoing concerns about 'campaign selling,' suggesting that a significant player is offloading Bitcoin in a systematic manner. This scenario mirrors past instances when large entities, like governments, have sold off their Bitcoin holdings, leading to cascading price declines.

As the market navigates through this turbulent phase, analysts are keenly watching for any signs of a turnaround. Bitcoin's historical patterns and the behavior of 'OG' whales—long-term holders—are under scrutiny. Some traders believe that these seasoned investors are behaving as if Bitcoin were still at all-time highs, which could have implications for future price movements.

For now, the focus remains on Bitcoin's ability to stabilize within the current support zone. Should it fail to do so, we could witness a shift that may redefine market expectations. In the ever-evolving world of cryptocurrency, each price movement holds the potential for significant ramifications, and traders are urged to stay vigilant as these developments unfold.