glassnode: Bitcoin has recently attempted to break through $70,000 multiple times, but weak liquidity is putting pressure on the rebound.

PANews reported on February 20th that Glassnode, an on-chain data analytics platform, published an article on its X platform stating that since the beginning of February, every attempt by Bitcoin to reclaim the $70,000 mark has been met with a drying up of demand, leading to another decline. Data shows that even a net outflow of over $5 million in realized profits per hour is enough to trigger a price pullback. In contrast, during the market euphoria of Q3 2025, profit-taking surged to $200 million to $350 million per hour, yet the price still maintained an upward trend, indicating significantly stronger buying support at that time. Glassnode points out that the current market is in a structurally illiquid environment, making it significantly more challenging for Bitcoin to sustain a recovery in the $70,000 to $80,000 range, and the rebound process may be more tortuous.