Bitcoin's price has been in a prolonged downtrend, falling more than 40% from its late-2025 peak near $126,000 to recently drop below $70,000. According to an exclusive Cointelegraph interview with Bitcoin OG Samson Mow and a detailed market analysis, the decline is not due to a single event but a confluence of persistent selling pressure and weak demand.
Long-term holders, typically wallets holding BTC for over six months, have been a significant source of selling pressure. Data from Glassnode reveals this group offloaded over 140,000 BTC in a 30-day period, choosing to lock in profits near key support levels of $84,000, $76,000, and $70,000. This behavior removes strong support and increases supply during recovery attempts.
The selling originated in spot markets, with large wallets sending coins to exchanges. This initial spot selling triggered subsequent waves of forced liquidations in leveraged positions, compounding the downside pressure in thin liquidity conditions.
Bitcoin ETF outflows have also turned from a market support into a source of supply. In 2026, ETFs have seen regular outflows, forcing funds to sell Bitcoin to meet redemptions. Many ETF buyers entered at a high cost basis between $85,000 and $90,000, leading them to exit on minor price rallies, which caps upside momentum.
Compounding these issues is weak new buying demand. Whale accumulation has been limited, retail activity has slowed, and trading volume indicates few buyers are stepping in during declines. Samson Mow noted that Bitcoin's role as a highly liquid, 24/7 tradable asset makes it particularly sensitive to such downside shocks. He also discussed the potential for capital rotation from other hard assets like gold and silver, which have recently rallied, to eventually benefit Bitcoin.
Until selling pressure abates and steady spot demand returns, the market is likely to remain defensive, struggling to find a stable bottom.
