Will Demand Exhaustion Limit Bitcoin’s Upside to $70,000?
Bitcoin's price is range-bound near $70,725 due to conflicting signals between rising long-term holder accumulation and weak demand absorption above $70,000.Summary
Bitcoin is currently trading around $70,725, stuck between two opposing on-chain forces. On one hand, Long-Term Holders (LTHs) are steadily accumulating, increasing their supply by about 150,000 BTC since early February, indicating underlying confidence and reducing liquid supply.
Conversely, the Net Realized Profit/Loss metric remains largely negative, suggesting that many recent buyers are underwater and weak demand is failing to absorb selling pressure above $70,000, with the cost basis for recent buyers lying between $72,000 and $75,000.
The price action is currently compressed, indicated by a Bollinger Band squeeze, signaling an imminent sharp move. A decisive close above the confirmed resistance at $75,850, coupled with positive realized P/L, could target $78,000. However, a drop below $68,865 suggests LTH accumulation is insufficient, potentially leading to a retest of the $65,000–$66,000 zone. The upcoming March 27 quarterly options expiry is anticipated to be the catalyst for breaking this range.
(Source：BeInCrypto)