Bitcoin is trading near $70,725 on March 21, with price action constrained by weak demand absorption despite continued accumulation from long-term holders.
On-chain data shows BTC remains below key cost basis levels between $72,000 and $75,000, with persistent realised losses indicating that many recent buyers are still underwater.
“Prolonged negative net realised P/L indicates that the market’s cost basis sits above the current price for a large portion of holders,”
According to Glassnode data.
The metric has remained negative for weeks, most recently hovering near -$25 million even as Bitcoin briefly approached $74,000 before pulling back.
At the same time, long-term holders have accumulated roughly 150,000 BTC since early February, increasing supply held from about 14.46 million to 14.61 million coins.
Despite this accumulation, Bitcoin has failed to break above the $75,850 resistance level, with a rejection below $74,000 reinforcing a ceiling as volatility tightens within a Bollinger Band squeeze.
With $14 billion in options set to expire on March 27, the market faces a potential catalyst that could determine whether Bitcoin breaks higher toward $78,000 or retests support in the $65,000 range.
At the time of reporting, Bitcoin price was $69,193.01.