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Bitcoin has been hitting an invisible wall for several weeks now. After brief visits to $79,500, BTC price is systematically returning below $77,000. Behind this tenacious resistance, onchain data tells an accurate story: that of organized sellers who are slowing down any increase. When will this blockade be broken? Analysis.
In short
- Bitcoin has been attacking $77,000 for several days, despite having peaked at $79,500.
- 150,000 BTC sent to exchanges by short-term holders since April 15th.
- Cryptocurrency market spot volumes are lowest since September 2023.
- Open interest down: about 8,000 to 9,000 BTC of leverage withdrawn in 10 days.
- $604 million in liquidations recorded in 24 hours on April 30.
Bitcoin Under Pressure: When Short Holders Sabotage the Bounce
From April 15, 2026 around 150,000 BTC was transferred to cryptocurrency exchange platforms. This movement mainly comes from short-term holders (STHs), wallets that have held their bitcoins for less than 155 days. These short-term holders trade repeatedly every time the price of Bitcoin rebounds above $77,000.
The numbers are also clear. On three consecutive sessionsShipments to crypto exchanges amount to:
- 65,000 BTC;
- 54,600 BTC;
- 39,000 BTC.
This cascading sales pressure preventing bitcoin from consolidating above key resistance in the amount of 80,000 dollars.
Cryptoanalyst Darkfost, whose work is based on CryptoQuant data, highlights this structural fragility. According to him, STH always seizes the opportunity to make a profit rise in the bitcoin market.
The result is mechanical:
- supply floods the exchanges;
- bitcoin price stagnates;
- buyers back off.
For Darkfost, this dynamic of repeated short-term profit-taking is by no means a panic signal. Rather, it is a tactic that appears to be costly BTC rally.
Bitcoin and the collapse of spot volumes: an apathetic market
In addition to STH, another signal concerns cryptoanalysts: the collapse of spot volumes. Trading activity in the crypto market does exist dropped to a level comparable to September 2023a period that marked the end of a long bear phase. Decryption: the Bitcoin market is seriously lacking in liquidity.
Major Crypto Exchanges See Massive Drops:
- Binance lost around $25 billion in volume in one month.
- Gate.io reports $13 billion drop.
- OKX saw its volumes drop by nearly $6 billion.
These pictures illustrate a a net disengagement of short-term investors from Bitcoin.
Darkfost summarizes this phenomenon as follows:
This drop in volumes reflects a temporary loss of interest in Bitcoin. But it’s these phases of apathy that are often where new opportunities begin to emerge.
This is exactly it the paradox of the current market mood. A drop in spot volumes can signal a lack of momentum, but also a phase of quiet accumulation before an upcoming breakout.
Bitcoin and open interest at half mast: the levers are disconnected
On the derivative markets side, the situation is not reassuring for an immediate Bitcoin rally. Open interest (ie the number of open Bitcoin futures contracts) has actually fallen from over 300,000 BTC to around 292,000 BTC in recent days. Over ten days, yes between 8,000 and 9,000 BTC of leverage that was removed from the market.
Daily swings in open interest also remain negative. This means that traders are not committing to new long positions en masse. So that bitcoin permanently crosses the $80,000 mark, However, new capital would have to enter the market, and not just forced closing of short positions.
However, notes researcher Axel Adler Jr an encouraging signal in the short term : the seven-day liquidation oscillator moved to positive values and reached +28.7 on April 30. This suggests more balanced liquidation pressure between long and short positions.
In 24 hours, the total liquidations in the cryptocurrency market reached 604 million dollars. This figure testifies to persistent volatility around this resistance zone. However, the 30-day average remains slightly negative. Which keeps the overall bias favorable to previous long liquidations.
So one thing is certain: Bitcoin is going through a zone of technical and psychological turbulence. Resistance at $77,000-80,000 concentrates selling by short-term holders and indifference by institutional buyers. Over the long term, these compression phases often precede big moves, both up and down. Another major trend in Bitcoin is taking shape behind the scenes. Continuation…
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My name is Ariela and I am 31 years old. I have been working in the field of web development for 7 years. I only discovered trading and cryptocurrencies a few years ago. But it’s the universe that interests me a lot. And the topics covered within the platform allow me to learn more. A singer in my spare time, I also have a great passion for music and reading (and animals!)
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.