Source: Cointelegraph Original: "{title}"

On-chain analysis company Glassnode stated that buyers who entered when Bitcoin's price reached an all-time high of $109,000 last January are now experiencing panic selling due to the decline in cryptocurrency prices, and do not rule out the possibility of Bitcoin dropping to $70,000.

In a market report on March 11, Glassnode pointed out that recent sell-offs by major buyers have led to "strong loss realization" and a "moderate capitulation event."

In recent months, the number of buyers purchasing Bitcoin (BTC) at higher prices has surged, as reflected in the realized price of short-term holders, which is the average purchase price of buyers holding Bitcoin for no more than 155 days.

According to Bitbo data, the short-term realized price was $62,000 in October, and has risen to $91,362 at the time of writing, an increase of about 47% over five months.

Meanwhile, according to CoinMarketCap data, Bitcoin's trading price at the time of writing is $81,930. This results in an unrealized loss of approximately 10.6% for the average short-term holder.

Bitcoin has dropped 5.90% in the past seven days. Source: CoinMarketCap

Glassnode stated that the realized price of short-term holders indicates that "market momentum and capital flows have turned negative, suggesting that demand strength is declining."

It added, "Investor uncertainty is affecting sentiment and confidence."

Glassnode noted that short-term holders are "deep in losses" between $71,300 and $91,900, and warned that if the sell-off continues, Bitcoin could drop to a low of $70,000.

Glassnode stated, "There is a high likelihood of forming a temporary bottom in this area, at least in the short term."

Short-term Bitcoin holders are "in a predicament," with prices between $71,300 and $91,900. Source: Glassnode

Market research firm 10x Research referred to this adjustment as a "textbook correction" in a report on March 10, adding that as Bitcoin fell below $80,000, "about 70% of the sell orders came from investors who bought in the past three months."

On the same day, BitMEX co-founder Arthur Hayes stated that Bitcoin may retest the $78,000 price level, and if it fails, it could next drop towards $75,000.

Glassnode explained that a similar Bitcoin sell-off pattern occurred last August when Bitcoin fell from $68,000 to about $49,000 due to market concerns over recession, poor U.S. employment data, and weak growth in major tech stocks.

However, after U.S. President Trump did not rule out the possibility of an economic recession, the U.S. market stabilized on March 11 after a day of sharp declines, with Bitcoin rising 7.5% in the past 24 hours.

This article does not contain investment opinions or advice. Every investment and trading activity involves risks, and readers should conduct their own research before making decisions.

Related: Despite indicators showing a "bearish zone," Bitcoin price still rose by 7%

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