A large Bitcoin order book requires price adjustment

Bitcoin (BTC) appears to have taken $70,000 as support as technical charts indicate a bull trap-like setup that occurred in January 2026.

Bitcoin's sell-side liquidity expanded significantly during the recent retest. According to crypto trader Ardi, Bitcoin's demand orders have hit a two-month high. And the merchant said thus.

“Bitcoin Demand Hits 2-Month High. $1.57B Sell-Side Liquidity Stacks Over Price, Bid Below $1.125B.”

Within a 5% band around the spot price, the sell order exceeds demand by about 40%, creating a supply curve that exceeds the market price. At the same time, the bids form a thin cushion of support below the BTC price.

Ardee said the last comparable setup occurred in January after bitcoin broke above $98,000. It followed a similar sequence that Bitcoin recently made above $72,000 before the price returned to the mid-range. A high request rate during a retest usually indicates that traders are using referrals to make a profit.

Another position parameter is also rotated in the same direction. The 30-day moving average of Bitcoin net receivables remained positive at $83 million in March, indicating increased buying activity in market orders.

Related: Bitcoin price analysis warns of potential dip after $72K liquid sweep

Will BTC's underwater supply be interrupted again?

Cost-based data for Bitcoin short-term holders (STHs) shows that the average holder entered the market at a higher price. The STH guaranteed price, which tracks the average purchase price of coins held for less than six months, settled at $88,900.

According to Bitcoin researcher Axel Adler Jr., the biggest supply cluster will be between $86,000 and $99,000, where most coins will accumulate between November 2025 and February 2026.

On the positive side, the realized profit and loss data shows that selling pressure has started to decrease. Crypto analyst Darkfost reported a loss of about $611 million last week, compared to a profit of $346 million, bringing the net weekly profit and loss to -$264 million.

This figure is much lower than the $2 billion weekly loss recorded in February of less than $60,000.

Compared to the January retest, Bitcoin's price is currently sitting well below its main short-term cost-oriented set. That distance limits the amount of sales that can be seen during smaller rallies.

As a result, many short holders prefer to hold on to around $86,000 rather than sell at a loss after a month of consolidation.

A pullback to the $70,000 to $72,000 range would partially ease the near-term selling pressure, but a more meaningful reversal could require Bitcoin to reclaim the $86,000 to $89,000 range, where most short-term holders would reach a break.

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