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.
Bitcoin four-hour chart. Source: TradingViewBTC short-term holders locked in profit
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.
Bitcoin short-term holder profit/loss to exchanges. Source: CryptoQuantThe spike ranks among the largest realized-profit transfers from this cohort since November 2025.
Darkfost noted that the sellers were able to lock in gains mainly accumulated between one week and one month ago, as their realized price sat near $68,000.
Bitcoin futures data showed a similar pattern of aggressive selling activity. Market analyst IT Tech noted that both spot and perpetual futures markets recently flipped negative on the cumulative volume delta (CVD) indicator. The CVD measures buy volume minus sell volume. A negative reading signals dominant selling pressure.
According to the analyst, the spot CVD reached –$202.49 million while perpetual futures CVD dropped to –$185.60 million. Bitcoin slipped below $70,000 during the same period, as bid liquidity pulled back in the market.
Related: Bitcoin price drops to near $68K as US jobs weakness fails to rescue bulls
Coinbase premium index signals fading demand
The spot demand from US-based traders also weakened near key price inflection points.
The Coinbase Premium Index, which measures the Bitcoin price difference between Coinbase and offshore exchanges, has repeatedly faded as BTC approached $74,000. The positive readings usually signal a stronger US spot demand.
Bitcoin Coinbase Premium Index. Source: CryptoQuantDuring Bitcoin’s rally toward the $73,000–$74,000 range on Wednesday, the premium briefly spiked above 0.08, indicating strong buying activity from Coinbase-using entities.
The move quickly faded as the price reverted from $74,000, and the premium later turned negative.
MN Capital founder Michaël van de Poppe said that the Friday US sessions have recently produced broad market selling across the risk assets, including the Nasdaq.
Van de Poppe added that Bitcoin holding the $67,000–$68,000 range may stabilize the short-term trend before a continued move higher.
Additionally, crypto trader Titan of Crypto pointed to a nearby fair value gap (FVG) that could support the price consolidation. An FVG forms when the price moves quickly and leaves a low-liquidity area where minimal trading occurred during a breakout. Technically, the price may revisit these zones to rebalance the liquidity.
The lower boundary of that gap sits near $66,500, which the trader is monitoring as a deeper liquidity zone.
Bitcoin one-chart analysis by Titan of Crypto. Source: XRelated: Was $74K a bull trap? Bitcoin traders diverge on 2022 crash repeating
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