Crypto: Bitcoin Price May Drop Below $64k As Veteran Raises ‘campaign...

Bitcoin risks a deeper slide as miners and US spot ETFs cut BTC exposure, adding supply pressure during a fragile downtrend.

Bitcoin (BTC) price dropped by more than 22.5% in the past week to $69,000 on Thursday, wiping out 15 months of gains entirely. However, the downtrend may not be over, according to veteran trader Peter Brandt.

Brandt says “campaign selling” is pressuring BTC, with miners and ETFs also cutting exposure.

BTC’s decline left behind a sequence of daily lower highs and lower lows. Simply put, the lack of even modest rebounds suggests few traders are stepping in to buy the dip, at least for now.

This structure, according to Brandt, had “fingerprints of campaign selling,” a deliberate, sustained distribution by large institutions, not retail liquidation.

Onchain data supports Brandt’s outlook. For instance, as of Thursday, the BTC miner net position change metric was showing a clear shift into net distribution throughout January, with miners consistently sending more BTC to the market.

US spot Bitcoin ETFs also reduced their exposure, with net BTC balances falling to 1.27 million BTC as of Wednesday from 1.29 million at the beginning of the year.

Related: Bhutan makes second Bitcoin transfer in a week, worth $22M

The Coinbase premium, a barometer linked to institutional interest, also fell to yearly lows.

This distribution boosted Bitcoin’s chances of reaching its bear flag target of around $63,800, down 10% from current levels, as shown below, based on Brandt’s technical setup.

Source: CoinTelegraph