Bitcoin is pushing back toward the $70,000 level, but fresh on-chain data suggests the move may be running into familiar resistance.
According to data from Glassnode, Bitcoin’s latest rally toward $70K has triggered a sharp rise in realized profits. As the price approached this zone, realized profit per hour surged above $20 million, implying that many holders are locking in gains rather than expecting an immediate breakout.
This behavior has become a clear pattern since February 2026. Each time Bitcoin trades between $70,000 and $80,000, it encounters thin liquidity and strong selling pressure, effectively capping upward momentum and leading to short-term pullbacks.
In simple terms, traders are treating this range as a profit-taking zone, not a breakout zone at the moment. This may be due to ongoing geopolitical tensions affecting financial markets.
Key Points
- Bitcoin nears $70K, but on-chain data shows rising realized profits may limit upward momentum.
- Traders are taking gains in the $70K–$80K range, creating a short-term profit-taking zone.
- Whales and sharks face losses, with $200M/day realized, signaling uncertainty among large holders.
- Geopolitical tensions with Iran and oil price spikes continue to influence Bitcoin’s short-term moves.
Whales and Sharks Show Signs of Stress
While short-term traders are taking profits, larger holders are struggling. Glassnode’s data from April 2 shows that sharks and whales holding between 100 and 10,000 $BTC have been realizing losses at scale.
Specifically, the 7-day average of realized losses has climbed above $200 million per day. This type of selling usually signals capitulation, when big investors exit because they’re unsure about the market. It suggests many of them aren’t confident that prices will rise soon.
Geopolitics Impacting Bitcoin Short-Term
Despite these bearish undercurrents, Bitcoin has climbed 3.71% over the past 24 hours to around $69,354. The move follows easing geopolitical tensions, with reports of a potential 45-day ceasefire between the United States and Iran reducing immediate market fears.
When geopolitical risks decline, investors tend to move capital back into risk assets like Bitcoin, which explains the recent bounce.
However, Tehran has rejected the temporary ceasefire. Iran is demanding a permanent end to hostilities rather than a short pause, using its control of the Strait of Hormuz, a critical route for 20% of global oil, to exert leverage.
Oil prices have surged near $110/barrel and could spike higher if the strait remains closed or if strikes occur, affecting inflation and global markets. Stocks typically fall under geopolitical stress, while Bitcoin reacts variably, sometimes dropping with panic and sometimes rising as a hedge.
This ongoing tension explains why Bitcoin holders have been selling on every rebound opportunity over the past several weeks.
$BTC Next Move
Right now, Bitcoin is caught between two strong forces. If profit-taking continues at this pace, Bitcoin may struggle to break cleanly into the $70K–$80K range.
However, if macro conditions improve and demand strengthens, a decisive breakout could still happen.
