Following its jump above the $70,000 mark last week, Bitcoin faced another round of familiar selling pressure that quickly took center stage in the crypto markets. According to on-chain analytics firm Glassnode, profits locked by traders exceeded $20 million within just one hour during this period.
Profit-taking accelerates as trading volumes drop
Over recent days, Bitcoin’s price has fluctuated between $70,000 and $80,000, but trading volumes have consistently dipped whenever the price neared the upper end of this band. This trend pushed more investors to cash in their gains, resulting in heightened selling activity.
In a statement posted on X, Glassnode explained that “whenever the price nears the $70-80K zone, limited market liquidity and profit-taking combine to restrict upward movements. During the latest surge, hourly profit-taking sales surpassed $20 million.”
Since February, the $70-80K range has become less a launchpad for sustained rallies and more a red zone where repeated rounds of selling dominate the action, undermining bullish momentum.
This means that every time Bitcoin climbs above $70,000, the price gains are mostly being met with investors scaling back their positions—rather than new buyers piling in. As a result, each price surge is tightly reined in by swift, strong selling pressure.
Upward momentum remains weak
Although Bitcoin approached $74,000 this past Saturday, the move quickly reversed, pulling the price back below $71,000 in short order.
Meanwhile, peace talks between the US and Iran in Islamabad broke down, causing energy prices to rise. The jump in oil prices also added strain to US stock futures, creating a cautious mood across markets.
Market analysts highlight that Bitcoin is struggling to hold above the $70,000 threshold, arguing that the ceiling is more the result of investor behavior than of technical limitations.
Should hourly profit-taking volumes—currently around $20 million—subside, it could pave the way for Bitcoin to mount another sustained push higher.
For any upward trend to gain traction from here, short-term profit-taking by investors must slow down, allowing bullish momentum to build more organically.
