Bitcoin (BTC) Held Below $69,000: Is This the First Sign of a Major Correction?

Jakarta, Pintu News – The price movement of Bitcoin (BTC) is back in the spotlight after failing to break the psychological level of $69,000. Despite showing signs of strengthening, a number of technical indicators and on-chain data suggest that selling pressure is still dominating. This condition raises concerns that Bitcoin (BTC) has the potential to experience a deeper correction in the near future. What are the prospects for further price movements and what factors limit the rate of increase in Bitcoin (BTC)?

Selling Pressure Still Dominates the Market

The current structure of the Bitcoin (BTC) market shows strong bearish tendencies. One of the key indicators that reinforces this view is the Buy/Sell Pressure Delta, which shows the dominance of selling activity over buying. When the Sell Delta is in the negative or red zone, it signifies that the selling volume is greater than the buying volume, so the price tends to be restrained. Until this indicator moves to neutral or positive levels, downward pressure is expected to continue.

Joao Wedson, founder of Alphractal, asserts that despite the short-term rebound, the absence of confirmation from Buy Delta will make the rally difficult to sustain. According to him, as long as selling pressure remains dominant, Bitcoin (BTC) price has the potential to drop further in the next few months. Even if there is a price surge to $72,000, $74,000, or $75,000 levels, without strong buying volume support, the rally is likely to be temporary. This reinforces the view that the market is still dominated by bearish players.

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Liquidation Zones and Derivatives Volume Decline

In addition to selling pressure, Bitcoin (BTC) also faces an additional obstacle in the form of a dense liquidation zone around the $69,000 level. Data from Alphractal shows that there is a significant liquidation cluster in the area, which could potentially be a strong barrier to price gains in the short term. Liquidation zones are typically areas where many leveraged positions can be forced to close, increasing market volatility. When prices approach these zones, there is often a surge in volume due to mass liquidation actions.

On the other hand, data from CoinGlass revealed that momentum in the derivatives market is starting to weaken. Futures trading volumes recorded a 48% drop to $31,970,000,000, while Options volumes plummeted by 59% to around $992,000,000. The sharp drop in volume amidst a moderate rise in prices indicates that the rally is not backed by strong conviction from market participants. If Bitcoin (BTC) price breaks the $69,000 liquidation zone, the potential for a sharp rejection grows and could trigger further selling pressure.

Bitcoin (BTC) Ownership Redistribution and Its Impact

Amidst price stagnation, on-chain data shows an ongoing process of redistribution of Bitcoin (BTC) ownership. This phenomenon is reflected in the declining share of ownership by large wallets, while small wallets are seeing an increase in accumulation. Network Distribution Factors (NFD) notes that the percentage of ownership by the top 0.01% of wallets continues to decline, signaling a distribution from large entities to retail investors. This process usually occurs after a long bullish cycle, where large holders begin to reduce their exposure.

This kind of redistribution is often a transitional phase before the market finds a new equilibrium. As long as this rebalancing process is not complete, price pressure is likely to remain and breakout potential is limited. Retail investors gradually accumulating could provide the foundation for the next rally, but it will take time for the distribution to stabilize. Until then, Bitcoin (BTC) is likely to move within a narrow price range.

Conclusion: Bitcoin (BTC) is Still in a Consolidation Phase

Overall, Bitcoin (BTC) is currently facing various challenges that limit the potential for price gains in the short term. The selling pressure is still dominant, the liquidation zone is dense, and the ownership redistribution process is the main factor that holds back the bullishness. Although there is a chance of a rebound, the rally is likely to be temporary without significant buying volume support. Until market sentiment completely changes, Bitcoin (BTC) is expected to move in a consolidation pattern with the risk of correction remaining open.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• AMBCrypto. Bitcoin stalls below $69K as THIS caps BTC’s upside – What happens now?. Accessed on February 23, 2026