Bitcoin pulls back to $64K, wiping out 15 months of gains, pushing the world’s largest cryptocurrency below its 2021 high for the first time since November 2024. With this latest drop, Bitcoin has returned to the well-known $60K–$70K price range that many investors thought they had left behind. What’s even more surprising is that there were also extreme fluctuations in both gold and silver at the same time, indicating that it’s less likely to be due to retail panic and more likely to be coordinated selling by institutional traders.
What’s happening with Bitcoin now appears more like organized distribution than emotional selling by smaller investors. In addition, it seems large holders are offloading their Bitcoin incrementally through control rather than unloading in bulk into the public market as the price rises.
What happened in the market
- BTC hit a 15-month low near $64,000 on Bitstamp during the Asian session
- Around $130 million in long positions were liquidated within four hours.
- The move followed similar volatility in gold and silver, which initially rose and then declined.
- Liquidity was thin, thereby strengthening the liquidation cascade.
This type of fast liquidation usually occurs when leveraged traders end up on the wrong side of a trade. Once key support levels are breached and automatic forced selling begins, the price declines regardless of whether spot demand has actually collapsed.
Who is selling, and what flows show
On-chain and exchange data indicate that large holders, rather than everyday traders, dominate. Several analysts attribute the drop to what is often called campaign selling, in which institutions or whales sell in batches through OTC desks. This avoids shocking the spot market but still creates steady pressure.
One important signal is the Coinbase Premium, which compares Bitcoin prices on Coinbase (U.S. traders) to those on Binance (global traders). The premium recently fell to an annual low, suggesting U.S. buyers are weaker than international ones. Historically, when U.S. demand fades, it often coincides with distribution phases near local tops.
Whale behavior also supports this view. Instead of accumulating, older wallets appear to be releasing coins slowly, suggesting they see current levels as good exit zones rather than long-term entry points.
Key levels and scenarios for Bitcoin
From a technical perspective, $64K is now a major support level. If Bitcoin fails to hold this area, the next key zone is around the 200-week EMA, which sits closer to the low $50Ks.
As long as Coinbase Premium remains negative, selling pressure from U.S. participants is likely to persist. In past cycles, real trend reversals usually started when that premium turned positive again.
For long-term holders, this phase does not appear to constitute a full market collapse. Instead, it resembles a typical redistribution cycle: leveraged traders exit, volatility spikes, and stronger spot investors gradually reenter at lower prices.
Bitcoin price levels (simplified chart)
$80K ┤
$75K ┤
$70K ┤■■■■ Previous support
$65K ┤■■ Current zone
$60K ┤
$55K ┤■■ 200-week EMA area
$50K ┤
This chart shows why the $60K–$65K region is so important. It serves both as psychological support and as a technical area closely monitored by funds and institutions.
Broader market meaning
For funds and businesses, this correction does not cancel the long-term Bitcoin thesis linked to currency debasement and limited supply. However, it does highlight that ETF-driven demand from late 2025 is now being stress-tested. If large sellers continue their campaign, Bitcoin may remain under pressure for weeks rather than days.
Sentiment is the major factor; the last recession was driven by panic, as many tried to sell their assets quickly. In this case, fund managers are liquidating slowly versus running away. The downturn appears less chaotic, but it’s more threatening to traders because they will not be able to make a quick return as they did during previous panics.
In short, Bitcoin pulls back to $64K, wiping out 15 months of gains, not because the story is over, but because the market is adjusting to heavy selling from the top. The next major signal will not come from headlines, but from the point at which large holders finally stop selling and real spot demand returns.
