Bitcoin slips under $64K as record-high selling intensifies: Where is the price bottom?

Bitcoin (BTC) has recently surrendered a critical support level, dipping below the $64,000 mark as market distribution reaches levels not seen since the peak of previous bull cycles. This sharp reversal, following a period of stagnation near $70,000, signals intensified selling pressure, primarily originating from established entities like long-term holders (LTHs) and miners.

On-chain data reveals that the distribution phase among long-term holders—who typically hold BTC for over six months—is accelerating, indicating widespread profit-taking after the token failed to sustain new all-time highs. Simultaneously, miners have increased their BTC sales dramatically, liquidating significant portions of their reserves to cover operational costs or upgrade equipment ahead of expected difficulty increases.

Market analysis suggests that the immediate focus shifts to finding a reliable bottom after the breakdown of the short-term trend. The psychological anchor of $60,000 remains the first critical line of defense. Should $60,000 fail, the technical structure points to the $58,000 area, which represents a crucial historical accumulation zone and the local low established during the March and April correction phases. A sustained breach below $58,000 would likely trigger a deeper correction, potentially targeting the 200-day Exponential Moving Average (EMA), currently situated near $54,000.

For the price bottom to be established, analysts are watching for two key indicators: a significant reduction in LTH distribution rates and a high-volume capitulation event where retail fear peaks and institutional buyers re-enter the market aggressively, likely around the $60,000 to $58,000 floor.

Source: Bitcoin slips under $64K as record-high selling intensifies: Where is the price bottom?