bitcoin The market has faced a familiar problem since prices rose above $70,000 last week: a sharp increase in profit taking.
According to blockchain analytics firm Glassnode, more than $20 million worth of BTC has been sold per hour for a profit.
“Each approach to the $70,000 to $80,000 band faces low liquidity and profit-taking pressure, limiting the bounce. Another bounce to the >$70,000 range was exhausted by profit taking of >$20 million/hour,” Glassnode said on X.
The message is clear: the $70,000 to $80,000 band is less a battleground of convictions and more a persistent zone of distribution, as has been observed since February.
In other words, rallies above $70,000 are constantly turning into liquidity events. Instead of buyers chasing upward momentum, holders are using strength as an exit window and the result is a market where every rally is met with an immediate supply counterbalance.
Bitcoin is struggling to build momentum above $70,000. Prices briefly touched nearly $74,000 on Saturday before falling back below $71,000 at the time of writing, as the breakdown of the Islamabad peace talks between the United States and Iran sent oil higher and weighed on US stock futures.
Until that $20 million per hour pressure subsides, bitcoin’s ceiling is not technical, but behavioral.
