Bitcoin’s recent attempt to rally above $76,000 stalled amidst significant profit-taking activity. Onchain data reveals short-term holders sent over 63,000 BTC to exchanges on April 14, the highest level since January, indicating a cooling momentum. However, large-scale accumulation by long-term holders absorbing this supply may provide price stability, with analysts noting key liquidity levels near $70,000 to $73,000.
Bitcoin’s price rally stalled above $76,000 after a wave of profit-taking by short-term traders. The activity reached its highest level since January, with 63,000 BTC in profit sent to exchanges on April 14.
Analyst Amr Taha flagged this as the first clear wave of profit-taking after retesting monthly highs. Taha noted that this indicates a natural cooling phase in momentum.
Meanwhile, large holders exhibited opposing behavior through significant accumulation. Market analyst CW noted a single-day inflow of over 71,000 BTC into accumulation addresses, the largest since early 2022.
This dynamic points to a transfer of coins from weaker to stronger hands, which may stabilize prices. The relationship could limit an immediate rally despite the underlying demand.
Technically, Bitcoin’s price rejected near the 100-day exponential moving average after forming equal highs. The momentum slowed following this rejection, with the price slipping to the $73,500 range.
On lower time frames, internal liquidity levels are positioned near $73,000 and $72,000. These zones may attract bids before any potential trend continuation.
A liquidation heatmap shows approximately $1.4 billion in cumulative long liquidations clustered around $73,000. That figure increases to $3.5 billion in long positions at risk near $70,500.
Conversely, a move toward $80,000 would expose $2 billion in leveraged short positions. The spread between these liquidation zones suggests Bitcoin may retest the $72,000 to $70,000 range.
