Bitcoin The market is facing a familiar problem since prices surpassed $70,000 last week: a surge in profit-taking.
According to blockchain analytics firm Glassnode, more than $20 million worth of BTC was sold per hour at a profit.
“Each approach to the $70,000-$80,000 range faces low liquidity and profit-taking pressure, limiting the rebound. Another rebound towards the $70,000-plus range was exhausted by a profit realization of over $20 million/hour,” Glassnode said on X.
The message is clear: the $70,000 to $80,000 bracket is less a battleground of convictions than a persistent distribution zone, as we have observed since February.
In other words, rallies above $70,000 are constantly turning into liquidity events. Instead of buyers chasing higher momentum, holders use strength as an exit window and the result is a market where every move higher is met with an immediate supply counterbalance.
Bitcoin is struggling to build momentum above $70,000. Prices briefly touched near $74,000 on Saturday before falling back below $71,000 at the time of writing, as the breakdown of peace talks in Islamabad between the United States and Iran pushed oil higher and weighed on U.S. stock futures.
Until the pressure of $20 million per hour eases, Bitcoin’s cap is not technical, but behavioral.
