Bitcoin ($BTC) price is facing a strong supply wall around $72,000 on April 9 amid low spot liquidity inflows in recent past.
Since early February, Bitcoin price has been trapped in a consolidation, with significant resistance above $72,000. After a rebound above this level earlier this week, $BTC price may be forming a potential reversal pattern, characterized by a possible double top and a lower high, trading at about $71,222 at press time.
With most crypto pairs forming a possible bearish continuation flag, as Finbold reported, the recent Bitcoin price rebound could be a false breakout. Moreover, low liquidity inflows suggest weak bullish conviction, according to analysis from on-chain analytics platform Glassnode.
“Bitcoin bounced from $67,000 to $72,000, but weak spot demand and softer futures activity suggest the recovery still lacks strong conviction, even as ETF flows begin to turn modestly positive,” Glassnode noted.
What’s next for Bitcoin price as buyers fail to defend $72,000?
Bitcoin’s price has experienced a relief rally this week amid easing geopolitical tensions in the Middle East, as Finbold noted. However, the recent liquidity has failed to push the flagship coin above $72,000 to reclaim the Short-Term Holder Cost Basis at $81,600, the level at which recent buyers collectively break even.
A potential Bitcoin price recovery toward its True Market Mean of approximately $78,000, which represents the average acquisition cost for actively traded coins, would first face selling pressure from short-term holders still underwater, whose aggregate breakeven is higher at around $81,600. As such, both $78,000 and $81,600 represent a distinct resistance zone, per Glassnode analysts.
Meanwhile, unless Bitcoin’s spot trading volume rises from its current multi-year lows, selling pressure could persist, keeping $BTC’s midterm price outlook bearish. As a result, $BTC may drop to $54,000, which aligns with its realized price, the average cost for all coins in circulation.