Bitcoin Falls Below $76K as Mixed Onchain Signals Cloud Market Direction

Bitcoin dropped below $76,000 after failing to break through the key $80,000 resistance level, with uncertainty surrounding the reopening of the Strait of Hormuz and broader macroeconomic concerns weighing on sentiment. The recent pullback followed a strong recovery of nearly 30% from sub-$60,000 lows recorded on Feb. 6, but selling pressure intensified in the $78,000 to $80,000 supply zone.

Technical indicators show Bitcoin trading within a tight range, with strong support near $75,500 and heavy resistance around $80,000. The $75,500 level remains significant, as it aligns with multiple moving averages and has historically attracted buyer interest. Meanwhile, resistance near $78,000 reflects a concentration of investor positions acquired at that price, increasing the likelihood of selling pressure.

Onchain Data Shows Rising Buy Pressure but Weak Participation

Onchain metrics present a mixed outlook. Spot cumulative volume delta (CVD), which tracks net buying versus selling activity, surged to $54.8 million from $18.3 million over the past week, indicating stronger buying pressure. However, overall spot trading volume declined by 13.8% to $5.99 billion, suggesting reduced market participation.

Daily active Bitcoin addresses also fell by about 1.6%, reflecting lower network activity and reduced speculative interest among traders.

Institutional Flows and Key Price Zones Remain Crucial

Institutional demand remains uncertain, with continued corporate purchases offset by $273 million in net outflows from U.S.-based spot Bitcoin exchange-traded funds earlier this week. Analysts note that a decisive move above $80,000 could signal renewed bullish momentum, while failure to hold support near $75,500 may shift attention toward deeper support zones between $65,500 and $67,000.