Bitcoin Slips Below $70,000 Support, Risk of 37% Drop Emerges
In a report from Beincrypto, Bitcoin slipped below $70,000 after losing a key on-chain support level, a move that the article says exposes BTC to elevated downside risk as several on-chain and technical indicators align with a bearish outlook, while large holders are actively accumulating to try to slow or reverse the trend.
The piece notes Bitcoin has dropped below the True Market Mean for the first time since September 2023, signaling weakening conviction; the Realized Price near $55,800 represents the historical level where long-term capital re-enters, and the True Market Mean around $80,200 has flipped into resistance, limiting recovery potential.
Technically, the report highlights a Head and Shoulders breakdown projecting a roughly 37% move toward $51,511 if fully realized, after a sharp 20% weekly decline.