Here’s Why It’s Difficult For Bitcoin To Hold $70,000 Before the Next Big Move Up

Bitcoin's recent price increase above $74,000 is met with caution as indicators suggest the advance may not be a confirmed reversal. Short-term holders (STHs) are consistently selling into rallies above $70,000, similar to February's behavior, preventing sustainable breakouts. The Supply Profitable State indicator, currently at 60%, is at a historically significant inflection point, often preceding market exhaustion. While a sustained push above 75% would signal a confirmed bull market, continued rejection near 60% reinforces a bear market recovery narrative. A breakdown below $70,000 could lead to a decline towards $66,224, while accumulation at the $70,000 level could propel the price back towards $75,000.

(Source：BeInCrypto)