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Investors sold 36,000 BTC at a loss as bitcoin fell through $75,000

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Investors sold 36,000 BTC at a loss as bitcoin fell through $75,000
  • Support levels for the leading cryptocurrency are $69,000–$70,000 and $71,600.
  • There is an active shift of coins from wallets to exchanges, including bitcoins that had been idle for three to five years.
  • On technicals, the market looks oversold on RSI.

On April 7, coins sold at a loss totalled 36,000 BTC (over $2.7bn). The catalyst was bitcoin’s drop to a new year-to-date low — below $75,000.

The figure is smaller than the sell-offs seen in previous months.

According to IntoTheBlock, $69,000 is now a key support for digital gold. Around this level, about 1.22m addresses accumulated roughly 464,000 BTC.

Glassnode highlighted support at $71,600 and $69,900.

CryptoQuant estimates that investors currently hold 5.12m BTC at a loss (25.8% of the circulating supply).

“Although this may seem alarming, it is not unprecedented. In fact, we saw a similar dip in 2024,” the specialists said.

Attention, whales!

Separately, analysts warned of 7,933 BTC “waking up” after three to five years of dormancy. In their view, the coins may be linked to Coinbase. The experts noted persistent movements of large tranches of bitcoin.

“Something’s up, stay sharp,” they said.

The Exchange Inflow CDD indicator confirmed an increase in transfers from wallets to exchanges. The last time this happened, it preceded a drop in the leading cryptocurrency’s price from $82,000 to $76,000, the analysts noted.

Data: CryptoQuant.

Technical picture

The drawdown from the ATH in the current cycle has widened to 26.62%. For comparison, it reached 83% and 73% in 2018 and 2022.

On the weekly chart, bitcoin tested the 50-week MA for the first time since September 2024. A close below this level would signal the start of a bear market, according to Cointelegraph.

Data: Cointelegraph.

According to the publication, the $74,000 level (the all-time high from early 2024) is of interest. A daily demand zone between $65,000 and $69,000 could prove significant, with the upper boundary marked by the 2021 cycle peak.

Cointelegraph also drew attention to the Relative Strength Index falling to 43, its lowest since January 2023.

The crypto trader known as Rekt Capital, using this indicator, suggested that prices down to $70,000 could be the bottom of the current correction.

Earlier, the firm’s specialists said that bearish conditions in bitcoin are strengthening.

Nansen forecast that the crypto market would find a bottom before June.

CryptoQuant founder and CEO Ki Young Ju said the bull run is over for digital gold. In his view, over the next six to 12 months prices will decline or move sideways.

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