Bitcoin’s recovery from a February washout near $60,000 has encountered significant resistance in the low-to-mid $70,000s, shifting the market dynamic. While the price remains below key long-term moving averages and a broader descending trendline, on-chain data shows aggressive withdrawal of Bitcoin from exchanges, suggesting accumulation. Analysts note the market now requires a decisive break above the $75,000 to $80,000 supply zone to strengthen the case for a broader trend repair.
Bitcoin’s price recovery has cooled as it faces a heavier resistance cluster in the low-to-mid $70,000s. The market has bounced from a February washout near $60,000, but buyers are now being forced to prove they can do more than just rebound.
On the daily chart, BTC remains inside a broader descending trendline and beneath both the 100-day and 200-day moving averages. The main overhead barrier is the $75,000 to $80,000 area, which acts as the first serious supply zone.
The 4-hour chart shows Bitcoin recently tapped overhead resistance but failed to keep momentum, leaving a bearish fair value gap. The price is stabilizing around $70,000, with the broader recovery structure still intact as long as it holds above a local base near $66,000.
On-chain data continues to lean constructive, with exchange reserves falling sharply over the past couple of weeks. “That steep decline during a period of recent consolidation usually points to accumulation rather than panic distribution,” analysts stated.
This trend suggests market participants are withdrawing BTC instead of positioning for immediate selling. The reserve decline lines up with the recent consolidating phase, implying steady spot absorption under the surface that could support the market.
