Bitcoin Analysts See $70,000 as Key Support for Price Recovery
Bitcoin previously closed lower for six consecutive weeks and has been stuck in a $64,000–$70,000 range for the past three weeks. Onchain analytics firm Glassnode said repeated profit-taking near $70,000 had made the level a dividing line between bulls and bears. Whether Bitcoin can establish support at $70,000 and hold its 200-week EMA near $68,000 will determine whether the rebound develops from a short-term recovery into a sustained advance.
Bitcoin rose 8% on March 4, 2026, breaking above $73,000 and rebounding 21% from a multiyear low below $60,000. Glassnode data showed that whenever the 12-hour moving average of net realized profit and loss exceeded $5 million per hour, the price often reversed near $69,400. About 230,000 BTC changed hands below $70,000 over the past month. Only if buyers absorb the selling pressure could Bitcoin challenge $75,000 before the end of the month.
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The history behind this eventBitcoin Analysts See Further Upside, Eye Key $78,000 Level
Bitcoin has fallen about 41% from its record high of $126,000 and slipped below several onchain cost-basis benchmarks, leaving the latest rebound as a test of whether the bearish trend can be reversed. Glassnode gauges selling pressure by the share of short-term holder supply in profit and assesses overhead resistance using the active supply cost basis. Both indicators will be critical to whether the rally can continue.
On April 16, 2026, Cointelegraph cited Glassnode as saying Bitcoin's rise to $76,000 had turned the short-term trend bullish. The share of short-term holder supply in profit stood at 43.2%, still below the 54.2% level commonly seen at rebound peaks. The next hurdle is the True Market Mean at $78,140, with more than 200,000 BTC previously purchased near $78,000. On April 17, analysts said the price needed to hold firmly above $76,000.
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