Bitcoin News Today: Bitcoin's $70K Showdown: Whales, Retailers Flee Bearish Storm

Bitcoin's recent slide below $90,000 has intensified fears of a deeper correction, with on-chain data and whale activity signaling a potential next support level at $70,000. The world's largest cryptocurrency fell 4.5% in 24 hours to $88.8K as of 2:51 p.m. ET, reversing a brief rebound to $93.7K the prior day according to Seeking Alpha. The decline has sparked a broader market selloff, with altcoins like Ethereum (ETH-USD) and Solana (SOL-USD) plummeting 7.9% and 6.9%, respectively according to Seeking Alpha. Analysts point to deteriorating market structure, negative ETF flows, and heightened hedging activity as key factors according to Seeking Alpha.

Technical indicators reinforce bearish sentiment. Bitcoin's price remains well below its 50-, 100-, and 200-day exponential moving averages, while the MACD histogram widens into negative territory, signaling strengthening selling pressure. The RSI, at 21, suggests oversold conditions, though some experts caution rebounds may remain capped until key moving averages are reclaimed. A breakdown below $74,561, a rising trend line, has further deepened the bearish outlook.

The selloff has triggered significant whale activity. Owen Gunden, one of Bitcoin's earliest adopters and the eighth-richest crypto holder, liquidated his entire $1.3 billion BTC stack over the past month. Blockchain data firm Arkham reported that Gunden transferred his final 2,499 BTC to Kraken, completing a full exit from a portfolio accumulated through arbitrage trading on defunct exchanges like Mt. Gox. The move has fueled speculation about whether long-term holders are capitulating or merely locking in profits. Meanwhile, retail investors have also fled the market, with $636.7 million in liquidations reported in a single 24-hour period.

High-profile investors are reacting to the turmoil. Robert Kiyosaki, author of Rich Dad Poor Dad, disclosed selling $2.25 million in Bitcoin near $90K, converting gains into cash-flowing businesses like surgery centers and billboards. While he remains bullish on Bitcoin's long-term potential, Kiyosaki emphasized his strategy of converting crypto profits into stable income streams - a move that has sparked debate among followers about the merits of passive income versus speculative holding according to Coinpedia.

On-chain analytics suggest the market is entering a critical phase. Glassnode noted that spot-based demand is absent, futures markets show no appetite for leverage, and implied volatility remains elevated, reflecting heightened risk-off positioning. Analysts warn that the path forward depends on whether demand reemerges at key levels or if the current fragility triggers a bear market according to Seeking Alpha. Santiment data highlights that retail traders' extreme bearishness often precedes market reversals, though the timing remains uncertain.

The crypto market's next move hinges on institutional and macroeconomic factors. BlackRock's recent $523 million outflows from Bitcoin ETFs highlight waning retail interest, while concerns about the Fed's hawkish stance and liquidity conditions persist. If Bitcoin fails to hold $90K, the next critical support level at $70K could become a battleground for bulls and bears according to Seeking Alpha. As one trader put it, "The coming days will reveal if Bitcoin can stabilize or if sellers will dictate the next chapter."