Bitcoin Re-tests $70K as Loss Flows Drop to 2-Week Low
Bitcoin rallied to $70K as short-term holder selling pressure decreased, evidenced by a two-week low in realized loss transfers to exchanges.Summary
Bitcoin reached $70,000 on Monday amidst escalating Middle East tensions, while on-chain data indicated reduced selling pressure from recent buyers. Short-term holder (STH) loss transfers to exchanges fell to a two-week low of 3,700 BTC on March 1, contrasting sharply with the 89,000 BTC transferred during the February capitulation window. Analysts suggest that event-sensitive holders are showing "zero panic." Furthermore, BTC derivatives data shows significant risk reduction, with Binance open interest contracting by 25% since the start of the year, aligning with historical deleveraging phases. Technically, Bitcoin is attempting to reclaim its Monthly RVWAP near $68,000, and breaking through the $70,000–$71,500 liquidity pocket could trigger an expansion toward $80,000, supported by positive spot delta across major exchanges.
(Source：Cointelegraph)