Bitcoin orderbook shows imbalance: Will $70K hold?

Bitcoin’s sell-side liquidity reached a two-month high, mirroring a setup seen in January. Should traders prepare for a sell-off?

Bitcoin (BTC) appears to have reclaimed $70,000 as support, although the market remains cautious as technical charts indicate a setup resembling the bull trap that occurred in January 2026.

Bitcoin’s sell-side liquidity has expanded sharply during the latest range retest. According to crypto trader Ardi, Bitcoin ask orders reached a two-month high. The trader said,

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.

Another positioning metric also turned in the same direction. The 30-day moving average of Bitcoin’s net taker volume remained positive at $83 million in March, indicating increased buying activity through market orders.

Related: Bitcoin price analysis warns of potential dip after $72K liquidity sweep

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.

According to Bitcoin researcher Axel Adler Jr., the largest supply cluster lies between $86,000 and $99,000, where many coins were accumulated between November 2025 and February 2026. This range forms the main breakeven area for a large share of the short-term market, making it a key market inflection zone.

On the positive side, realized profit and loss data shows selling pressure has begun to reduce. Crypto analyst Darkfost noted about $611 million in realized losses against $346 million in profit last week, bringing net weekly profit-and-loss to -$264 million.

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.

Related: Strategy records biggest STRC issuance day with estimated 1,420 BTC buy

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Source: CoinTelegraph