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Bitcoin tests the $75,000 level as “whales” accumulate 270,000 BTC
Bitcoin’s rise toward the $75,000 level is facing increasing selling pressure despite steady institutional demand. Accumulation by large investors and declining exchange reserves are tightening supply dynamics.
Key takeaways:
- Bitcoin is testing the $75,000 level amid daily ETF inflows ranging from $200 million to $450 million, but growing selling pressure is attempting to cap further gains.
- Resistance at $76,800 may trigger a pullback if institutional demand fails to absorb supply.
- Selling pressure is increasing as Bitcoin’s rally faces resistance
Bitcoin’s rise toward the mid-$70,000 range is encountering growing resistance as steady institutional demand meets a wave of supply from large holders.
In recent weeks, the cryptocurrency climbed from around $71,000 to the mid-$70,000 range, largely driven by inflows into U.S.-listed spot exchange-traded funds (ETFs). Over several sessions, inflows ranged between $200 million and $470 million, helping sustain upward momentum even as broader markets adjusted to higher oil prices and shifting interest rate expectations.
However, the rally is starting to show signs of strain.
On-chain data indicates that large investors, often referred to as “whales,” accumulated approximately 270,000 $BTC over the past 30 days — the most aggressive buying streak since 2013. At the same time, exchange reserves dropped to their lowest level since late 2017, signaling tightening supply conditions.
Despite this, selling pressure is emerging as prices approach key technical and psychological levels. Around $76,800 lies the realized price for short-term holders — a metric reflecting the average cost of recent purchases. This level often acts as a trigger point where traders look to exit positions near breakeven.
Market data shows that exchange inflows surged sharply when Bitcoin tested the $75,000–$76,000 range, with peak flows reaching around 11,000 $BTC per hour — the highest since December. This pattern typically signals increasing selling activity, as holders move assets onto exchanges to liquidate positions.
Order book data reinforces the picture of a market at a crossroads. Significant sell-side liquidity has accumulated in the $75,000–$76,000 range, while buyer support is concentrated closer to $71,500. Bitcoin is still managing to hold above $74,000 — a level traders view as critical for maintaining upward momentum.
As a result, the market appears two-sided. Institutional inflows and macro-driven demand continue to provide support, but large holders seem to be using the rally to reduce positions, increasing supply at higher levels.
This dynamic creates a narrow path for further upside. A sustained breakout above the mid-$70,000 range would require continued inflows strong enough to absorb rising selling pressure. Without that, the balance could quickly shift, leaving Bitcoin vulnerable to a pullback toward the lower end of the $70,000 range.
For now, the market remains in a delicate balance. In the long term, supply is tightening, but in the short term, the willingness of large holders to sell into strength is shaping the next phase of price movement.
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