Bitcoin Lost $70K Again: Here’s Why
Bitcoin (BTC) has returned to its monthly trading range at $70,000 after falling 5% over the past two days.
Market data points to resistance at the $70,000 level, indicating renewed selling pressure that could limit BTC's ability to hold higher this week as chain flows, futures data and spot volume weaken.
BTC short-term holders are locked in profits
Profit-taking from short-term holders (STHs) accelerated during Bitcoin's rally above $74,000. According to crypto analyst Darkfost, more than 27,000 BTC of profit has moved from STH wallets to exchanges in the last 24 hours.
In the year As of November 2025, this team ranks among the top-grossing confirmed transfers.
Darkfost mentioned that the sellers were able to lock in their accumulated profits within a week to a month, as they were worth around $68,000.
Bitcoin futures showed similar aggressive selling activity. Market analyst IT Tech has indicated that both the spot and perpetual futures markets have recently turned negative on the Cumulative Delta (CVD) indicator. CVD gauges will be purchased when the sales volume decreases. A negative reading signals dominant selling pressure.
According to the analyst, the spot CVD reached $-202.49 million while the ongoing CVD dropped to $-185.60 million. Bitcoin fell below $70,000 at the same time as the bidding liquid returned to the market.
RELATED: Bitcoin falls to $68k as US jobs weakness fails to save bulls
Interest in Coinbase's premium index is fading
Demand for space from US-based traders also weakened at key price revision points.
The Coinbase Premium Index, which measures the difference in Bitcoin prices between Coinbase and offshore exchanges, has faded repeatedly as BTC nears $74,000. The positive readings usually indicate strong US spot demand.
During Bitcoin's rally to the $73,000–$74,000 range on Wednesday, the premium briefly rose above 0.08, indicating strong buying activity from Coinbase users.
The move quickly faded as the price bounced back from $74,000, and the premium later turned negative.
Michael van de Pop, founder of MN Capital, said Friday's US sessions recently featured a broad market selloff in risk assets, including the Nasdaq.
Van de Pop added that Bitcoin holding the $67,000 to $68,000 range could stabilize the short-term trend ahead of further higher moves.
Additionally, crypto trader Titan of Crypto pointed to a nearby Fair Value Gap (FVG) which could support the price consolidation. FVG (FVG) is formed when the price moves quickly and exits from a position of low liquidity when a short trade occurs. Technically, the price may visit these zones to rebalance the liquidity.
The lower boundary of that gap sits near $66,500, which the trader is tracking as a deep liquid zone.
Related: Was $74K a Bull Trap? Bitcoin traders diverge on 2022 crash repeat.
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