Bitcoin (BTC) has returned to its monthly trading range below $70,000 after falling 5% over the past two days.
Market data points to resistance near the $70,000 level, with on-chain flows, futures data and spot volume weakening from renewed selling pressure, limiting BTC’s ability to hold this week’s highs.
Short BTC holders locked in profits
Profit-taking by short-term holders (STHs) during Bitcoin’s rally above $74,000. Crypto analyst Darkfost said that more than 27,000 BTC of profit was transferred to the exchange from STH wallets in the last 24 hours.
The increase is among the largest profitable transfers from the group since November 2025.
Darkfost noted that the sellers were able to lock in the profits that were mostly collected from a week to a month ago, as their actual price was close to $68,000.
Bitcoin futures data showed a similar pattern of aggressive selling activity. Market analyst IT Tech noted that both the spot and spot futures markets have recently turned negative on the aggregate volume delta (CVD) indicator. CVD measures the volume of purchases minus the volume of sales. A negative reading indicates stronger selling pressure.
According to the analyst, spot CVD reached $202.49 million, while standing CVD fell to $185.60 million. Bitcoin fell below $70,000 during the same period as demand for liquidity in the market withdrew.
Related: Bitcoin falls to $68K as weak US jobs fail to save bulls
Coinbase’s premium index indicates a decline in demand
Spot demand from US traders also weakened near key price swing points.
The Coinbase Premium Index, which measures the difference in Bitcoin prices between Coinbase and offshore exchanges, faded multiple times as BTC neared $74,000. Positive readings usually indicate strong US demand.
During Bitcoin’s rally to the $73,000-$74,000 range on March 4, the premium briefly rose above 0.08, indicating strong buying activity from entities using Coinbase.
The move quickly faded as the price pulled back from $74,000 and the premium later turned negative.
The founder of MN Capital Michael van de Poppe said that the recent US Friday sessions caused a broad sell-off in risk assets, including the Nasdaq.
Van de Poppe added that Bitcoin’s $67,000-$68,000 range could stabilize the short-term trend before moving higher.
Additionally, crypto trader Titan of Crypto pointed to a near fair value gap (FVG) that could support price consolidation. FVG occurs when the price moves quickly and leaves the low liquidity zone where the minimum trade occurred during the breakout. Technically, the price could revisit these areas to restore liquidity.
The lower boundary of this gap is near $66,500, which the trader is monitoring as a deeper liquidity zone.
Related: Was $74,000 a bull’s-eye? Bitcoin traders are conflicted with a repeat of the crash in 2022
This article does not contain investment advice or recommendations. Every investment and business move involves risk, and readers should do their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph shall not be liable for any loss or damage arising from your reliance on this information.
