24-hour liquidation exceeds $1.3 billion, Bitcoin whales dump $41 billion: Is the BTC price at risk of falling to $70,000?

As Bitcoin (BTC) first fell below $100,000 since June, long-term holders (OG Whales) collectively sold up to $41 billion worth of BTC within 72 hours. Miner profitability has hit an all-time low, and increased correlation with AI trading has led to volatile swings, with 24-hour liquidations exceeding $1.3 billion. Technical indicators suggest Bitcoin could further decline toward $70,000, as the market remains shadowed by regulatory uncertainty and collapsing confidence.

Collective Sell-Off by Long-Term Holders: $41 Billion in Funds Exit

The crypto market experienced intense turbulence in early November, with Bitcoin’s price dropping below $100,000, marking a new low since June. On-chain data shows that long-term holders (LTH) recently sold approximately $41.6 billion worth of BTC, one of the largest waves of reduction by old addresses in recent years.

These OG holders are often seen as the most steadfast believers in the market, and their concentrated exit typically signals a structural shake-up in market confidence. According to crypto analyst PeeCowYay, some “Ancient Wallets” sold over $1 billion worth of BTC recently, becoming a major driver of this decline.

Meanwhile, over the past 24 hours, the entire network experienced $1.3 billion in liquidations, highlighting the intense deleveraging in the market.

Despite this, contrarian buyers have entered. Notable investor Andrew Tate bought 50 BTC (about $500,000) during the price dip, which Pete Rizzo of BTC Treasuries called a “buy-the-dip signal.” However, overall market sentiment remains cautious, with investors generally adopting a wait-and-see approach.

Miner Profitability Crisis: High Costs and Low Transaction Fees Hit Hard

Bitcoin mining is facing its most severe profitability crisis since April this year. As BTC dropped from $107,000 to $100,000, miner returns sharply declined. According to Digiconomist, electricity costs now account for 40%–60% of total miner expenses. Coupled with rising network difficulty and decreasing transaction fees, profit margins have been significantly squeezed.

On-chain data shows miners recently sold about $172 million worth of BTC to cover operational costs. This phenomenon of “miner capitulation” often occurs in late market cycles, indicating sellers are dominating the trend.

Analysts warn that as miners’ funding becomes tighter, if BTC continues to fall below key support levels, it could trigger a new wave of on-chain reduction, further weakening market confidence.

Regulatory Uncertainty and Macro Risks Intertwined: Support Levels at Risk

Beyond on-chain and technical pressures, macroeconomic and policy uncertainties are intensifying the sell-off. The longest government shutdown in U.S. history remains unresolved, and congressional disagreements over fiscal legislation are fueling risk-avoidance sentiment.

In this context, Bitcoin’s price has fallen over 20% since its October high of $126,000. Analysts suggest that if prices continue to hover below the $100,000–$101,000 range, short-term support could be tested at $94,000. A breakdown below this zone might lead to deep corrections toward $85,000 or even $70,000.

According to the conservative prediction model from InvestingHaven, Bitcoin could decline to the $70,000–$75,000 range in the most pessimistic scenario. Tyler Richey of Sevens Report and the 10X Research team also see this as the “worst-case” support zone, while legendary trader Peter Brandt assigns a 25% probability, indicating the market may not have bottomed yet.

Regulatory ambiguity remains one of the biggest uncertainties. Investors are eagerly awaiting new policies on digital assets to clarify compliance boundaries and tax rules.

Technical Analysis: Key Support Levels at Risk, Selling Pressure May Persist

From a technical perspective, the top formation established since October is accelerating its breakdown, with short-term moving averages (MA50 and MA100) showing a “death cross,” signaling a shift to a downtrend in the medium term. If BTC cannot stabilize around $98,000, it may enter a deeper correction zone.

Some analysts believe this decline correlates positively with AI-driven quantitative trading algorithms. When BTC volatility rises in tandem with tech stock pullbacks, automated trading pools may trigger coordinated sell-offs, creating a “systemic sell pressure.”

Conclusion

The $41 billion sell-off by Bitcoin whales marks a period of deep panic in market sentiment. Miner profitability has plummeted, macro policy uncertainties persist, and the structural linkage of AI automated trading funds adds further pressure. In the short term, if BTC cannot hold the $100,000 level, the $70,000 zone could become the new target price. However, for long-term investors, this market turbulence might also set the stage for the next cycle bottom.