Bitcoin Faces $20 Million Per Hour Selling Pressure Above $70,000
Key Takeaways
- Over $20 million of BTC sold per hour above $70,000, signaling profit-taking.
- The $70k–$80k band acts as a distribution range, capping upside.
- Realized profits spike as earlier buyers de-risk near resistance, weakening upside momentum.
Bitcoin's Struggle Above $70K
Bitcoin has faced persistent selling pressure above $70,000, with over $20 million sold per hour in profit realization.
“Bitcoin hit by $20 million-an-hour selling pressure above $70,000 Bitcoin has once again seen heavy profit-taking above $70,000, according to Glassnode”
Prices briefly touched nearly $74,000 before slipping back below $71,000.
Glassnode stated, Every approach to the $70k–$80k band faces thin liquidity and profit-taking pressure.
The $70,000–$80,000 zone has acted as a distribution range since February.
AMBCrypto explained this as a persistent supply overhang.
Demand and Supply Dynamics
Around 13.5 million addresses remained in loss.
This created a stacked supply zone where both profit-takers and trapped holders weigh on price.
ETF inflows rose to $240.4 million on April 10.
The Coinbase Premium Index turned positive.
Open Interest stood at $51.3 billion.
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