Bitcoin Price Crosses $70,000, Yet It Faces Risk of Selling Pressure
Despite Bitcoin briefly surpassing $72,500, on-chain metrics suggest significant selling pressure and potential future declines.Summary
Bitcoin's price recently rose above $72,500, holding above the $72,294 support level, fueled by investor optimism. However, the macro outlook remains cautious due to concerning on-chain indicators. The Percent of Supply in Profit metric has dropped below its -1 standard deviation threshold, a historical precursor to deep bear markets, indicating more holders are currently at a loss. Furthermore, the Short-Term Holder (STH) Realized Price sits at $87,434; if Bitcoin approaches this level, it could trigger selling pressure as short-term holders liquidate at breakeven, impeding any sustained rally. If bearish trends persist, Bitcoin might struggle past $75,000 and could decline toward $70,000 or below $65,000, suggesting upward momentum is currently challenging.
(Source：BeInCrypto)