Is The Bitcoin Reset Complete? BTC Steadies Above $70K as Markets Argue for Next Move
After the sharpest volatility in over a year, Bitcoin (BTC) is trying to find a balance. Prices held steady above $70,000 following a quick drop to $60,000 last week, but the silence did little to resolve the broader dispute; is this a complete reset, or a pause before another drop?
The recent volatility has sapped momentum, forced major players to reduce risk, and shifted sentiment from optimism to caution. While dip buyers have returned, on-chain data, derivatives metrics, and major signals suggest the market remains in a fragile holding pattern rather than a clear recovery.
BTC's price trends to the downside on the daily chart. Source: BTCUSD on Tradingview
Whales Come Back as Leverage Unwinds
One of the clearest signs of the reset came from the work of the whale. On-chain data shows that the so-called Hyperunit whale has sold more than 340 million dollars in Bitcoin, sending funds to Binance after months of intense trading, which is funded in all crypto markets. The move followed a massive liquidation of a large Ethereum position, which reportedly resulted in a loss of around $250 million.
At its peak, the wallet held more than $11 billion in Bitcoin. Dividends fell to about $2.2 billion, reflecting a shift from expansion to conservation.
The selloff coincided with a broader decline in Bitcoin open interest, which fell from $61 billion to about $49 billion, indicating a wider spread rather than a new short stop.
This reduction of the average has eased the immediate pressure but also reduced the momentum, leaving Bitcoin with no real certainty.
Bitcoin Price Stabilizes, But Signs Remain Mixed
Bitcoin was trading around $70,000–$71,000 during Asian hours on Monday, holding firm after last week’s rapid rally. Technical indicators are still showing weak momentum, with low volume and no clear signs that buyers or sellers are firmly in control.
Market participants are different. Some analysts argue that the recent wash has removed excess risk and created healthy fundamental conditions. Others warn that similar repetitions in this cycle have become bull traps, especially if driven by short-term traders rather than long-term accumulation.
Support near $60,000 remains an important level to watch, while resistance between $73,000 and $75,000 is seen as a test of any strong upside.
Lots of questions, emotions, and plot
Apart from the price action, it is the broader factors that form the debate. Global markets rebounded, helping risk assets stabilize, while the US saw Bitcoin ETFs record small inflows as investors bought the dip in preference.
At the same time, concerns about long-term issues, from the safe role of Bitcoin to emerging debates about the dangers of quantum computing, continue to take a back seat.
Bitcoin’s ability to hold above $70,000 suggests that the forced reset may be too complete. Whether that turns into a long-lasting recovery or another leg reduction will depend on the buying, the conviction of the big players, and how the markets react to the big data coming.
Cover image from ChatGPT, BTCUSD chart on Tradingview
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