Bitcoin the market has faced a familiar problem since prices rose above $70,000 last week: a sharp increase in profit-taking.
More than $20 million worth of BTC has been sold per hour in profit realization, according to blockchain analytics firm Glassnode.
“Any approach to the $70K-$80K band faces thin liquidity and profit pressure, limiting rejection. Another bounce to >$70K range was consumed by >$20M/hour profit taking,” said Glassnode on X.
The message is clear: the $70,000-$80,000 band is less of a battleground for conviction and more of a sustained distribution zone, as has been observed since February.
In other words, rallies over $70,000 consistently become liquidity events. Instead of buyers chasing momentum higher, holders use strength as an exit window, and the result is a market where every rise is met with an immediate counterbalance of supply.
Bitcoin struggles 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 in Islamabad peace talks between the US and Iran pushed up oil and weighed on US stock futures.
Until the pressure of $20 million an hour subsides, bitcoin’s ceiling is not technical, but behavioral.
