Profit-taking by short-term Bitcoin traders accelerated the BTC drop below $70,000, but spot and futures traders may kickstart a quick recovery.
Bitcoin (BTC) slipped back into its monthly trading range under $70,000 after dropping 5% over the past two days.
Market data points to resistance near the $70,000 level, with onchain flows, futures data, and weakening spot volumes signaling renewed selling pressure that limits BTC’s ability to hold this week’s range highs.
Profit-taking from the short-term holders (STHs) accelerated during Bitcoin’s rally above $74,000. Crypto analyst Darkfost said that more than 27,000 BTC in profit moved to exchanges from STH wallets over the past 24 hours.
