Bitcoin Faces $72,000 Resistance Amid Lack of Spot Demand

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Bitcoin stalled at the $72,000 barrier—a lack of spot demand is hindering its upward rally.

According to crypto media outlet Finbold on April 9 (local time), Bitcoin (BTC) is facing strong selling pressure around $72,000, limiting its ascent. Despite a recent rebound, the price is stagnating around $71,222 amid insufficient spot capital inflows.

Since early February, Bitcoin has been trapped in a range, stalled by the upper resistance at $72,000. This current rebound also failed to break through this zone, raising the possibility of a Double Top and a lower high structure forming. This could be interpreted as a short-term bearish reversal signal.

On-chain data also indicates low confidence in an upward trend. Glassnode analyzed that while a recent rebound occurred from $67,000 to $72,000, both spot demand and futures market participation have weakened, leading to a lack of upward momentum. Although some ETF capital inflows are observed, overall market conviction remains limited.

Key resistance levels are $78,000 and $81,600. Notably, $81,600 is the average purchase price for short-term holders, and a large volume of selling pressure aiming for breakeven recovery is likely to emerge in that zone. Therefore, breaking through this range is considered a prerequisite for a mid-term upward trend.

Conversely, downside risks are also present. With spot trading volume currently at multi-year lows, selling pressure could persist if buying interest does not recover. In this scenario, there is a possibility that Bitcoin could drop to its realized price of $54,000.

Ultimately, the market hinges on 'liquidity'. Analysis suggests that for a short-term rebound to evolve into a genuine upward trend, both a recovery in spot demand and an improvement in investor sentiment are simultaneously required.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*