Bitcoin Faces Selling Pressure Near $74,050 as Short-Term Holders Send Over 27,000 BTC in Profit to Exchanges
Bitcoin's rebound toward $74,050 on Thursday triggered notable selling from short-term holders, who transferred more than 27,000 BTC in profit to exchanges over the past 24 hours, CryptoQuant contributor Darkfost said. On-chain data show recent buyers who accumulated Bitcoin between one week and one month ago, with a realized price near $68,000, are taking gains as prices revisit the low $70,000 range instead of holding through the recovery. Darkfost described short-term holders as highly reactive and emotionally driven, saying current news flow and short-term macroeconomic projections help explain this profit-taking behavior that now represents selling pressure to watch. A separate market structure analysis by CryptoQuant contributor Maartunn noted that brief moves above $71,000 have repeatedly been sold off in recent months, with the latest deviation fitting a pattern of short-lived breakouts followed by sharp declines; Bitcoin was trading at $70,127 at press time.