“Asks on Bitcoin just hit a 2-month high. $1.57B in sell-side liquidity stacked above price vs $1.125B in bids below.”
Within a 5% band around the spot price, the sell orders exceed demand by roughly 40%, creating a heavier supply layer above the market price. At the same time, the bids form a thinner support cushion below BTC price.
Ardi noted the last comparable setup occurred in January after Bitcoin briefly broke above $98,000. A similar sequence followed Bitcoin’s recent move above $72,000 before the price slipped back toward the middle of its range. Elevated ask liquidity during a retest often signals that traders are using rebounds to take profit.
Related: Bitcoin price analysis warns of potential dip after $72K liquidity sweep
Will BTC’s underwater supply cap its rebound?
Bitcoin short-term holders’ (STHs) cost-basis data shows the average holder entered the market at significantly higher prices. The STH realized price, which tracks the average acquisition price of coins held for under six months, sits near $88,900.
That figure is far lower than the $2 billion weekly loss recorded during the February drop below $60,000.
Compared with January’s retest, Bitcoin price currently sits much further below the main short-term cost-basis cluster. That distance limits the amount of breakeven selling that typically appears during smaller rallies.
As a result, many short-term holders may prefer to wait for higher prices, potentially closer to $86,000, rather than selling at a loss after holding through a month-long consolidation.
A move back above the $70,000 to $72,000 range eases part of the near-term selling pressure, but a more meaningful shift may require Bitcoin to reclaim the $86,000 to $89,000 range, where most of the short-term holders reach breakeven.
