Bitcoin Slips Below $70,000 Support, Risk of 37% Drop Emerges
BeInCrypto
Bitcoin dropped below key on-chain support, facing a potential 37% crash risk despite significant whale accumulation.Summary
Bitcoin has entered a critical phase after correcting toward the $70,000 level, losing the True Market Mean support for the first time since September 2023, signaling weakening conviction.
Technically, Bitcoin is breaking down from a multi-month Head and Shoulders pattern, which projects a potential 37% drop targeting $51,511 if fully realized, with immediate support at $68,072.
Countering the bearish signals, large holders (whales) have accumulated over 50,000 BTC in four days, exceeding $3.58 billion, attempting to stabilize the price around the $70,000 psychological support level.
(Source：BeInCrypto)