“Bears in control”: Bitcoin erases gains since 2021 all-time high as price drops back toward $69K

Bitcoin (BTC) has suffered a dramatic reversal of fortune, sending prices spiraling back toward the critical psychological barrier of $69,000. This latest downward pressure has resulted in the erasure of nearly all cumulative gains realized since the previous November 2021 all-time high (ATH), confirming that bearish sentiment is dominating the current market cycle.

The cryptocurrency, which briefly surged past $73,000 earlier this year driven by institutional ETF inflows, has seen intense profit-taking and selling pressure over the past week. Analysts indicate that the correction is fueled by a confluence of factors, including persistent macroeconomic uncertainty, reduced net inflows into U.S. spot Bitcoin ETFs, and significant liquidations across leveraged trading platforms.

Market structure shows a clear shift, with sellers aggressively testing crucial support levels. The $69,000 mark is particularly important; it represented the peak of the 2021 bull run and now serves as the primary line of defense for the bulls. If BTC fails to maintain footing above this zone, technical indicators suggest a rapid descent toward the $65,000 support level could be imminent. Long-term holders (LTHs) are showing signs of distribution, further signaling caution among established investors, cementing the current narrative that ‘bears are in control.’

Source: ‘Bears in control’: Bitcoin erases gains since 2021 all-time high as price drops back toward $69K