Bitcoin has risen to a one-month high near $74,000 as selling pressure eases. On-chain data reveals long-term holders have significantly reduced their selling, with outflows dropping sharply over the past 30 days. Improved demand indicators and reduced spot market selling have contributed to the rebound, though analysts view it as a relief rally amid ongoing macroeconomic pressures.
Bitcoin reached a one-month peak at $74,000 this week, supported by easing selling pressure across cryptocurrency markets. A report from the on-chain analytics platform CryptoQuant indicated reduced supply from sellers and improving demand signals aided the short-term recovery.
The contraction in spot demand for Bitcoin has narrowed significantly since the start of the year. This signals that selling pressure in spot markets has weakened considerably.
The Coinbase Premium Index also moved into positive territory, suggesting stronger buying interest from U.S.-based participants. Furthermore, long-term holders drastically cut their selling, with monthly outflows falling to roughly 276,000 BTC from 904,000 BTC in November.
This slowdown marks the lowest monthly outflow from this group since June 2025 and helps ease supply pressure. Reduced selling from long-term holders often limits immediate downward momentum during uncertain periods.
Despite the rebound, analysts warn Bitcoin could face resistance near $79,000 if momentum continues. A higher ceiling may exist around $90,000, a level that previously limited gains earlier this year.
Broader sentiment indicators remain weak, with CryptoQuant‘s Bull Score Index standing near 10 out of 100. The platform describes the recent price move as a relief rally rather than a sustained upward cycle.
The report warns that macroeconomic pressure and cautious sentiment could still limit further advances. It also notes that global liquidity conditions and interest rate expectations continue to shape worldwide digital asset demand.
