The price of Bitcoin has slipped back below the $70k level after falling roughly 5% over the past two days. The decline returned the asset to its broader monthly trading range as resistance continued to form near the $68,000 mark.
Cryptoquant data shows that short term holders accelerated profit-taking after Bitcoin’s earlier rally above $74,000. Analysts tracking blockchain activity reported that more than 27,000 BTC moved to exchanges from wallets belonging to short-term investors within a 24-hour period.
These investors largely accumulated their positions between one week and one month earlier, with an average realized price close to $68,000.
Futures and Spot Markets Show Strong Selling Pressure
Trading indicators from both spot and derivatives markets also pointed to increased selling. Data highlighted a negative shift in cumulative volume delta across exchanges, signaling that sell orders were outweighing buying activity.Charts on TradingView show that the decline below $70,000 occurred while bid liquidity in the market weakened.
Weak Demand From U.S. Traders Limits Price Momentum
Demand from U.S.-based traders also cooled during the latest rally. The Coinbase Premium Index briefly rose during Bitcoin’s move toward the $73,000–$74,000 range but quickly turned negative as prices retreated.
Analysts say the $67,000 to $68,000 range could act as a near-term support zone, while deeper liquidity may appear closer to $66,500 if selling pressure continues.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.