Bitcoin Near $75K: Whales Offload as Rally Faces Critical Resistance!

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<a href="https://jpykr.com/btc-usd/">Bitcoin</a> rally faces pressure as whales offload near $75K

Bitcoin traded near $75,000 after recovering about 24% from its February low near $60,000. 

Summary

  • Bitcoin traded near $75K as whales increased exchange inflows and analysts warned of rally resistance.
  • Long-term holders added 354,000 BTC, while short-term traders moved 60,000 BTC to exchanges recently.
  • Binance reserves fell as spot Bitcoin ETFs added 25,600 BTC and tightened market supply.

Despite this, data from the blockchain recently revealed a split in behavior: larger cryptocurrency holders were moving coins to exchanges, while long-term investors were actually increasing their holdings.

According to CryptoQuant contributor Maartun, recent market activity doesn’t necessarily signal a complete turnaround. In a video from April 20th, he explained that the market is still behaving like a temporary recovery within a larger downward trend. He noted that long-term Bitcoin holders have been steadily buying, adding around 354,000 BTC in the last month, which he sees as a positive sign of long-term investment.

The increase indicates that some investors are still withdrawing their coins from use. Meanwhile, wallets with large holdings—over 100 BTC—showed increased activity sending coins to exchanges, which Maartun believes suggests they are selling during the recent price recovery.

The market is showing mixed signals because some investors are holding onto their assets, expecting prices to eventually go up, while others are selling to lock in profits and lessen potential losses.

Strategy raise and weak response draw attention

Maartun also noted Strategy’s recent fundraising as a potential cause for concern. The company brought in around $2.66 billion, with $1.56 billion coming in on April 14th, but Bitcoin’s price didn’t increase significantly as a result.

The lack of a strong response raised worries that there isn’t enough buying interest to drive prices higher. When significant investments don’t break through price ceilings, experts usually see it as evidence that sellers are still influencing the market.

Traders who hold Bitcoin for a short time have also contributed to the selling pressure. They transferred around 60,000 BTC to exchanges while the Spent Output Profit Ratio (SOPR) remained below 1, indicating that many of them sold their Bitcoin at a loss rather than holding on for potential gains.

Maartun notes that the market’s structure is getting better, but he believes it hasn’t proven itself reliable yet. He’s watching to see if Bitcoin can successfully surpass its current resistance level and maintain those gains.

Key price levels remain in focus

Bitcoin is currently trading below $83,000, a key price point that analysts are watching closely. According to Maartun, this level is a major turning point for the market right now. Until Bitcoin’s price rises above $83,000, experts are likely to remain cautious about any price increases.

BeInCrypto noted that CryptoQuant is watching the price around $76,800, as this could act as a key level for traders. Bitcoin is currently fluctuating between its current price and several resistance levels, and needs to surpass these to show a clearer shift in market sentiment.

Overall market conditions are also important to consider. While Bitcoin’s price has fallen around 50%, this drop isn’t as severe as in previous downturns. The first three months of the year were consistently negative, making it the worst first quarter since 2018, but prices recovered in April.

Despite some large bitcoin holders selling, the total amount of bitcoin held on exchanges actually decreased. According to CryptoQuant analyst Arab Chain, Binance’s bitcoin holdings have dropped to around 619,000 BTC – the lowest they’ve been since October 2025, as we’ve noted before.

This decrease suggests money is still leaving the exchange, even though its reserves increased earlier in the year. When exchange balances fall, it can limit the amount of cryptocurrency readily available for purchase, particularly if there’s new interest from institutional investors.

Bitcoin exchange-traded funds (ETFs) purchased a significant amount of bitcoin last week – 25,600 BTC, bringing the total held by these funds to its highest level in nearly five months. Despite this positive trend, bitcoin’s price remained unsteady around $74,800 as the market reacted to ETF purchases, money leaving exchanges, and large sales by major bitcoin holders.

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2026-04-21 13:44