Add ZyCrypto News On Google
Bitcoin (BTC) traded sideways on Thursday, stalling after a volatile week as attempts to push higher ran into heavy resistance.
Notably, over the past seven days, the world’s largest cryptocurrency surged by roughly 1%, while other leading cryptocurrencies faced notable selling pressure.
However, despite the slight uptick, traders are keeping a cautious eye on the $72,000 level, where large-scale sell orders are shaping the near-term market outlook.
According to data from the analytics platform Coinglass, the BTC order book shows a concentration of heavy sell orders between $71,200 and $72,000, acting as a ceiling that prevents the market from pushing higher.
Bids are clustered at lower levels, including $70,400, $70,000, and $69,600, suggesting that while some buyers remain active, supply above is keeping the rally contained.
“As long as $71,800–$72,000 remains uncleared, this looks more like consolidation below resistance than a clean continuation higher,” the platform noted.
Meanwhile, analyst Crypto Tony assessed Bitcoin’s recent swings, noting the moves from $67,700 to $68,900 and the subsequent rebound.
He outlined two potential scenarios: a rejection near $72,000 could push BTC to lower lows, while a successful breakout might extend the rally toward $78,000–$80,000.
“If we test $72,000 and reclaim, BTC could push higher; otherwise, a drop is likely,” he wrote, emphasizing the importance of this key level in determining near-term direction.
Additionally, analysts from Glassnode offered a tempered perspective, focusing on liquidity and market depth. They observed that Bitcoin has stabilized around the $70,000 mark, aided in part by improved flows from exchange-traded funds (ETFs).
However, muted spot trading volumes and substantial overhead supply indicate that demand remains insufficient to fuel a broad recovery.
“Stronger demand is still needed to turn this consolidation into a sustainable uptrend,” they stated.
Notably, analyst Ted introduced the concept of Bitcoin’s “electrical cost,” a measure of the break-even price for miners.
The analyst noted that this cost has dropped below $50,000, down from roughly $70,000 just a few months ago.
He suggested that as miners adjust to lower break-even thresholds, BTC could see a deeper correction, potentially revisiting levels between $46,000 and $48,000, coinciding with August 2024 lows.
Moreover, analyst Crypto Patel highlighted that Bitcoin is still consolidating within a broad range of $62,000–$74,000 and that liquidity below $60,000 remains largely untouched.
Volume continues to decline, suggesting that traders should wait for a decisive breakout rather than attempting to predict the next move prematurely.
“The market is trying to make you impatient. Don’t let it. I’ll open my swing position when the range breaks, not before,” he warned.
At press time, BTC was trading at $68,902, reflecting a 2.67% decline in the past 24 hours.
Source: https://zycrypto.com/btc-whales-build-massive-sell-walls-at-72000-as-bitcoin-rally-stalls/
