Bitcoin’s recent rally above $72,000 has not solidified a sustained bullish trend, as key on-chain indicators suggest underlying weakness. Data reveals that sell pressure briefly overtook buy pressure after the spike, while Korean investor sentiment has turned bearish. Additionally, increased Bitcoin circulation velocity contrasts with inactivity from large holders, indicating the current move may rely on retail momentum rather than institutional support.
Bitcoin’s move above $72,000 on March 13 does not confirm a sustained bullish trend. The price has since retraced to around $70,650 as market sentiment waned.
Key on-chain indicators provide a clearer picture of Bitcoin’s current position. The Buy/Sell Pressure Delta from Alphractal shows a pattern resembling a death cross formed shortly after the breakout.
This crossover indicates sellers began to outpace buyers after the price spike. However, the indicator remains in positive territory overall, meaning market pressure still leans toward buying.
Korean investors represent an important segment to monitor, as sentiment data shows traders in the region have turned largely bearish throughout March. Capital flows from Korean trading platforms have declined noticeably since March 3, reflecting reduced buying participation.
One concern among analysts is that the current pattern mirrors market behavior observed between July and August. During that period, Bitcoin reached a high before declining.
Another development is the recent rise in Bitcoin velocity, signaling more coins are moving through the network. According to velocity data, the surge began around January 31, indicating heightened market activity.
However, this change has not been accompanied by increased activity from large holders. CryptoQuant data shows whale wallets have stayed mostly inactive, with both exchange inflows and outflows declining.
Unless whale activity returns with significant capital flows, Bitcoin’s near-term direction may depend largely on retail-driven momentum rather than institutional accumulation.
