CryptoQuant Warns of Hidden Bitcoin Sell Pressure Near $70K

CryptoQuant warns that Bitcoin faces hidden sell pressure as price struggles to clear key resistance around $72K. On-chain data shows short-term holders (STH) are mostly underwater: about 92% are at a loss, with only ~8% in profit. When traders are trapped in losses, they typically sell into rallies, turning each bounce into a “relief exit” rather than fresh demand. CryptoQuant links the weakness to a supply overhang. The STH realized price sits above current spot (BTC trading around ~$70K), implying recent buyers paid more than today’s market. Until BTC reclaims that realized level, bounce-and-sell behavior is likely to persist. A second resistance is tied to institutional cost basis. CryptoQuant highlights Strategy’s BTC holdings (roughly 762,000 BTC) with an average cost around $75,600—close to the zone where rallies have stalled and sold off. Broader context: CryptoQuant also points to the overall market realized price near ~$54,000, noting it has historically acted as a “gravitational floor” during bear markets. Trading above that level does not guarantee safety; prior cycles often revisited the $54K area before stabilizing. Trader commentary on X adds a technical overlay: BTC reportedly tagged $72K twice and failed both attempts (distribution), while the next support zone cited is $70K–$70.5K, with deeper “reset” levels if longs are cleared. For traders, the core takeaway from CryptoQuant is increased downside risk if BTC fails to reclaim key realized-cost levels—especially while a large share of near-term supply remains under water.