Bitcoin Lost $70K Again: Here’s Why

Bitcoin (BTC) fell back under the $70,000 mark, marking a 5% drop over two days, as market data indicated renewed selling pressure near this resistance level. Key factors contributing to this decline include significant profit-taking by short-term holders (STHs), who moved over 27,000 BTC to exchanges after realizing gains accumulated around the $68,000 mark. Furthermore, futures market data showed dominant selling pressure, with the cumulative volume delta (CVD) turning negative for both spot and perpetual futures markets. Demand from US-based traders also weakened, evidenced by the Coinbase Premium Index fading as BTC approached $74,000. Analysts suggest that if Bitcoin can hold the $67,000–$68,000 range, the short-term trend might stabilize, though a deeper liquidity zone near $66,500 is also being monitored as potential support.

(Source：Cointelegraph)