BTC faces $20M in hourly selling pressure above $70K, analysis shows

Every time Bitcoin surpasses the $70,000 mark, it is met with over $20 million in hourly profit-taking, which has stifled its upward momentum, CoinDesk reported, citing data from Glassnode. Glassnode explained that the $70,000 to $80,000 range has functioned as a distribution zone since February, where existing holders have been using price rallies as an opportunity to exit rather than new buyers entering the market. This has created a market dynamic where any attempt to push past $70,000 is immediately met with excessive selling pressure. CoinDesk added that Bitcoin's upward trend will likely be dictated more by investor psychology than technical indicators until this hourly selling pressure of around $20 million subsides.