Bitcoin Faces $72,000 Resistance Amid Lack of Spot Demand

▲ Bitcoin (BTC) ©

Bitcoin halted at the $72,000 wall—a lack of spot demand is hindering its upward rally.

According to crypto media outlet Finbold on April 9 (local time), Bitcoin (BTC) is facing strong selling pressure near $72,000, limiting its upward movement. Despite a recent rebound, the price is stagnating around $71,222 due to insufficient spot fund inflows.

Since early February, Bitcoin has been trapped in a trading range, blocked by the $72,000 overhead resistance. This recent rebound also failed to break through this level, raising the possibility of a Double Top formation and lower high structure. This could be interpreted as a short-term bearish reversal signal.

On-chain data also points to low confidence in an uptrend. Glassnode analyzed that although a rebound from $67,000 to $72,000 recently occurred, both spot demand and futures market participation have weakened, indicating a lack of upward momentum. While some ETF inflows have been observed, overall market conviction remains limited.

Key resistance levels are $78,000 and $81,600. Particularly, $81,600 is the average purchase price for short-term holders, and a large volume of selling pressure is likely to emerge in this range from those looking to break even. Therefore, breaking through this level is considered a prerequisite for a mid-term uptrend.

Conversely, downside risks remain. With spot trading volume currently at multi-year lows, selling pressure could persist if buying interest does not recover. In this scenario, there is a possibility that Bitcoin could drop to its realized price of $54,000.

Ultimately, the market hinges on 'liquidity.' Analysis suggests that for a short-term rebound to evolve into a genuine uptrend, both a recovery in spot demand and an improvement in investor sentiment are simultaneously required.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*