Bitcoin is holding near the $70,000 level after one of its sharpest sell-offs this cycle, leaving investors divided on whether the next move is higher or lower.
On-chain indicators show selling pressure remains elevated, with the gap between market cap and realised cap staying negative, a pattern historically associated with distribution rather than sustained rallies.
At the same time, whale accumulation surged during the recent dip, marking the largest single-day inflow to long-term holding addresses this cycle and helping establish a short-term price floor.
Bitcoin is also trading well above its realised price in the mid-$50,000 range, keeping most holders in profit and reducing the risk of broad capitulation.
US spot Bitcoin ETFs saw heavy outflows during the crash, supporting comments by Arthur Hayes that institutional hedging amplified the move before flows stabilised as prices rebounded.
The return of ETF inflows suggests forced selling has eased, but demand remains insufficient to fuel a decisive upside breakout.
Taken together, analysts say bitcoin is more likely to trade sideways around $70,000 in the near term rather than deliver a clear pump or dump.
At the time of reporting, Bitcoin price was $70,344.51.