Bitcoin Under Pressure: Technical Signals and On-Chain Data Point to a Potential Drop Toward $62,000

The price of Bitcoin has come under renewed selling pressure in recent days. After breaking several key support levels, BTC slid back toward the $92,000 area. The decline reflects a mix of factors: a more risk-averse market mood, concerns over potential Greenland-related tariffs, selling by large holders, and broader macroeconomic headwinds. A growing number of analysts now believe the current move could be the early stage of a deeper correction, with some warning that Bitcoin may revisit levels near $62,000.

Peter Brandt: A Move to $58,000–$62,000 Is on the Table Veteran trader Peter Brandt remains firmly cautious. According to his analysis, Bitcoin could decline into the $58,000–$62,000 range. This zone sits just above the realized price and close to the 200-week moving average—often viewed as a long-term market “floor.” Brandt shared a daily BTC chart highlighting similarities with the market structure seen during the sharp crypto selloff last October. Other analysts echo this view, including Ali Martinez, who points to a potential pullback at least toward $66,000. Martinez also notes that Bitcoin’s current behavior closely resembles its 2022 trend. Given BTC’s tendency to follow historical patterns, he expects a more pronounced downside move could still lie ahead.

Technical Patterns Flash Warning Signs Shorter-timeframe charts are also turning bearish. Analyst Cheds Trading highlights a bearish flag breakout on the four-hour BTC chart—typically a continuation pattern within a downtrend. He identifies the $90,400 level as a critical support to watch. A decisive break below this area could accelerate further downside.

On-Chain Data: Short-Term Holders and Whales Are Selling Blockchain data reinforces the cautious outlook. Short-term holders and large investors—commonly referred to as whales—have been reducing exposure after BTC failed to hold above $97,000. The recent market bounce was driven more by derivatives flows and short liquidations than by sustained spot demand. Julio Moreno, head of research at CryptoQuant, noted that Bitcoin holders have begun realizing losses again. The 30-day realized net profit/loss metric has turned negative for the first time since October 2023. Meanwhile, Onchain Lens reported that some whales are opening new short positions on BTC. One large trader fully closed long positions across BTC, ETH, SOL, and DOGE, locking in a realized loss of $2.64 million.

Glassnode: Consolidation More Likely Than Immediate Breakdown A slightly more balanced perspective comes from Glassnode. The platform notes that while Bitcoin is drifting back toward the $90,000 area and momentum is cooling, it remains above neutral levels. According to Glassnode, the market may be more likely to enter a consolidation phase rather than an immediate, sharp downtrend—though volatility is expected to stay elevated.

Mixed Signals From Derivatives and ETFs Options traders remain cautious amid heightened uncertainty. However, some spot and futures indicators point to a modest improvement in short-term sentiment. In addition, inflows into Bitcoin ETFs suggest renewed institutional interest. That said, the STH-NUPL metric—which tracks unrealized profit or loss among new BTC holders—indicates that investors who entered since November 2025 are sitting on net unrealized losses. This dynamic could add selling pressure if prices continue to fall.

Current Price Action Over the past 24 hours, Bitcoin has declined by nearly 2% and is currently trading around $90,889. The daily low stands at $90,833, while the high reached $93,358. Whether Bitcoin can stabilize above key support levels—or whether analysts’ warnings of a deeper pullback toward $62,000 come to pass—remains the central question for the market.

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