Bitcoin Price Crosses $70,000, Yet It Faces Risk of Selling Pressure

Bitcoin climbed in the past 24 hours to $72,521, staying above the key support level at $72,294. The move has renewed short-term optimism, but overarching macro concerns have tempered expectations for a sustained recovery. The Percent of Supply in Profit recently fell below its -1 standard deviation threshold to roughly 57%, meaning fewer holders are in profit than in prior periods.

Similar readings appeared in May 2022 and November 2018, historically marking the early stages of deeper bear markets and creating more underwater holders who may trigger selling pressure. On-chain metrics add to the caution. The STH On-Chain Cost Basis Bands have signaled bottoms in prior corrections, while the STH realized price now sits near $87,434.

A move toward that level could prompt short-term holders to liquidate at breakeven, placing resistance on any rally and hindering recovery. Securing the $72,294 support is critical for bulls, but bearish cues suggest the path upward may be rocky.

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