Bitcoin (BTC) slipped back below $70,000 after a roughly 5% decline over the past two days, returning to its monthly trading range. Market signals point to resistance near $70,000: onchain outflows, futures data and weakening spot volumes indicate renewed selling pressure that capped this week’s highs.
Short-term holders locked in profits
Profit-taking by short-term holders accelerated during the rally above $74,000. Analyst Darkfost reported that more than 27,000 BTC in profit moved from short-term holder wallets to exchanges over 24 hours — among the largest realized-profit transfers from this cohort since November 2025. These sellers mainly realized gains accumulated between one week and one month prior, with a realized price near $68,000.
Futures and spot order flow showed similar selling. Market analyst IT Tech noted that both spot and perpetual futures markets flipped negative on the cumulative volume delta (CVD) — a buy-volume minus sell-volume measure. Spot CVD reached –$202.49 million while perpetual futures CVD fell to –$185.60 million, coinciding with Bitcoin’s slide under $70,000 as bid liquidity waned.
Coinbase premium and US demand faded
Spot demand from U.S. traders also weakened around key inflection points. The Coinbase Premium Index — tracking the price difference between Coinbase and offshore exchanges — briefly spiked above 0.08 during the run toward $73,000–$74,000, signaling strong Coinbase buying, but the premium quickly faded and later turned negative.
Michaël van de Poppe said recent Friday U.S. sessions have produced broad selling across risk assets, including the Nasdaq. He suggested Bitcoin holding the $67,000–$68,000 area could stabilize the short-term trend before any further advance.
Liquidity and fair value gaps
Trader Titan of Crypto highlighted a nearby fair value gap (FVG) that could act as support during consolidation. FVGs are low-liquidity zones left by rapid moves; prices often revisit them to rebalance liquidity. The lower boundary of this gap sits near $66,500, which Titan views as a deeper liquidity zone to monitor.
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