Bitcoin buyers and bagholders are both selling into the rebound below $70,000
Bitcoin rebounded above $65,000 after softer US inflation data, but the move stalled below $63,000 as selling emerged from both long-term holders and recent buyers. Long-term holders used the rally to reduce losses, while short-term holders locked in gains near recent entry prices. Bitcoin still trades below key cost-basis levels around $69,000 and faces heavy resistance between $70,000 and $80,000, where large call open interest is concentrated. Demand is improving: US spot Bitcoin ETFs posted three straight sessions of inflows, and CryptoQuant’s regime indicators turned more positive, though not decisively bullish. Still, recent ETF inflows have only partly offset prior outflows, and trading activity remains subdued. If buying does not strengthen and holder selling does not ease, Bitcoin could be rejected again and refocus on downside support near $60,000, where put open interest is also large.
