The Bitcoin market has been facing the familiar problem of a surge in profit-taking since the price rose above $70,000 last week.
According to blockchain analysis firm Glassnode, $20 million worth of BTC was sold every hour in profit realization.
“Every time we approach the $70,000 to $80,000 range, we face thin liquidity and profit-taking pressures that keep the rebound muted. Another rally into the above-$70,000 range was exhausted by profit realizations of over $20 million per hour,” Glassnord said on X.
The message is clear. As has been observed since February, the $70,000 to $80,000 band is more of a permanent circulation zone than a battleground for convictions.
In other words, a rally above $70,000 is always turning into a liquidity event. Rather than buyers chasing higher momentum, holders are using the strength as an exit window, creating a market where any upside is immediately offset by supply.
Bitcoin has struggled to build momentum above $70,000. The collapse of the Islamabad peace talks between the U.S. and Iran pushed up oil prices and weighed on U.S. stock futures, with prices at one point reaching nearly $74,000 on Saturday but falling below $71,000 at the time of writing.
Until the $20 million per hour pressure subsides, Bitcoin’s cap will be behavioral rather than technical.
