Oh, what a plight befell our dear old chum Bitcoin (BTC)! The digital asset has tumbled below the fabled $90,000 threshold, now floundering beneath $81,000 like a fish out of water at a garden party. One might say it’s a six-month low so dismal, even the most jaded of market analysts would reach for their smelling salts.
CryptoOnchain, that self-styled oracle of on-chain data, proclaims this collapse heralds a new chapter of correction. They gaze into their crystal ball and whisper of a $70,000-$73,000 support zone-a battleground where bulls and bears will duel with the fervor of two dueling Victorians over a misplaced crumpet.
A Market in Correction
The descent has been swifter than a vicar’s tongue after a third sherry. BTC has shed 17% in a month and 6% in a day, according to CoinGecko, a decline that would make a skydiver blush. April’s ghostly price levels have returned to haunt the market, triggering liquidations so brutal, one might mistake it for a particularly vicious game of Monopoly.
Adding fuel to the fire, long-term holders-those stoic figures who’ve hitherto sat as silent as a nun in a library-have suddenly taken to the dance floor. Arkham’s spies report Owen Gunden, an early BTC pioneer, transferring $230 million to Kraken. This is but a snippet of a larger sell-off, with 11,000 BTC-worth $1.3 billion-dumped since October. Imagine a somnolent whale waking up to find itself at a buffet of short sellers.
While the breach of $90,000 is technically bearish, CryptoOnchain assures us a new trading range is forming between $70,000 and $90,000. The Point of Control (POC)-that mystical price level near $83,000-now acts as a magnet, pulling BTC into a consolidation phase. But let us not forget the true drama lies below, where the grand finale of support awaits.
The Path to a Potential Bottom
The $70,000-$73,000 band is no mere number-it is a fortress, fortified by on-chain data and the average acquisition cost of BTC’s whale elite. These magnates, holding between 100 and 1,000 BTC, have a collective cost basis of $71,000. History tells us that when prices approach such sacred ground, these titans step in to buy, defending their empires like knights at Camelot.
Santiment’s latest report reveals a market gripped by fear, its social media echoing with the cacophony of optimists “buying the dip” and pessimists predicting doom. The firm suggests a true bottom forms when retail sentiment turns as gloomy as a rain-soaked picnic. One might imagine the streets soon filled with headlines of “BTC to $50K!”-a prophecy as exciting as a wet cat.
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2025-11-22 16:56