Bitcoin (BTC ($84,121.00)) has decisively broken below the psychologically significant $90,000 level, reaching a six-month low under $81,000.

According to analyst CryptoOnchain, this breach signals a new corrective phase for the digital asset, with their assessment now pointing toward a critical test of the $70,000-$73,000 support zone as the next major battleground for market direction.

A Market in Correction

The decline has been sharp, with Bitcoin’s value falling roughly 17% over the past month and over 6% in the last 24 hours alone, based on recent data from CoinGecko.

This drop pushed the asset to levels not seen since April, triggering substantial market liquidations. The selling pressure was amplified by activity from long-term holders, with analytics firm Arkham revealing that an early Bitcoin adopter, Owen Gunden, moved $230 million in BTC to the Kraken exchange.

This was part of a larger sell-off that saw the entity dispose of 11,000 BTC, worth $1.3 billion, since October, introducing significant sell-side pressure from a source that had been dormant for years.

While the break below $90,000 is technically bearish, CryptoOnchain indicated a new trading range is being established between $70,000 and $90,000.

They pointed out that the Point of Control (POC), the price level with the highest traded volume, sits near $83,000, which could act as a magnet for the price, leading to a period of consolidation. However, the primary focus for many is the stronger confluence of support waiting below.

The Path to a Potential Bottom

According to CryptoOnchain, the most important area of interest for traders is the $70,000-$73,000 band.  This zone is not just a major technical level; its importance is heavily reinforced by on-chain data, which shows it matches up with the average acquisition cost, or Realized Price, of large Bitcoin holders.

The metrics shared by the expert show these entities, holding between 100 and 1,000 BTC, have a collective cost basis of approximately $71,000.  Historically, when the market price approaches the average purchase price of major investor groups, they often step in to buy more to defend their positions, creating a powerful support floor.

Market sentiment, as tracked by analytics platform Santiment on November 20, reflects the ongoing fear. Social media is filled with a mix of optimism from those looking to buy the dip and pessimism from those predicting further losses.

The firm suggested that a true market bottom often forms when retail sentiment becomes overwhelmingly negative, marked by a surge in predictions for prices below $70,000.

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