Analysis: Bitcoin Faces Resistance Around $72,000, Multiple On-Chain Indicators Show Weakening Demand

Odaily News Bitcoin price continues to face pressure below $72,000. Four on-chain data points indicate weakening market demand, putting short-term upside potential under pressure:

1. Glassnode's Accumulation Trend Score (ATS) is approaching zero, indicating that large holders are reducing or halting their BTC accumulation. This trend is similar to early 2025, when the Bitcoin price fell to $74,500. Small to medium-sized holding entities (holding less than 1,000 BTC) are also showing signs of "distribution or inactivity."

2. Santiment points out that Bitcoin whale activity is at a "historic low." Last week, there were only 6,417 transactions exceeding $100,000, and transactions over $1 million dropped to 1,485, the lowest level since October 2024. Analysis suggests that smart money is cautiously waiting on the sidelines due to uncertainty surrounding the CLARITY Act and geopolitical prospects.

3. CryptoQuant's Network Activity Index has been declining continuously since August 2025, reflecting an overall weakening of on-chain demand. Bitcoin Vector's fundamental indicators also show weak network liquidity and growth. The market condition is described as "stable but unsupported," with short-term gains relying more on capital inflows, short covering, or external catalysts rather than organic growth.

4. Bitcoin's hash rate has dropped significantly over the past few weeks to 813 EH/s, a 22% decline from 1.2 ZH/s on March 5th. Rising energy costs and geopolitical conflicts have pushed the revenue per PH/s/day below $34, putting most miners at a loss. Token Metrics analysts warn that if the difficulty drops by more than 5% again within a week, accelerated miner exits could lead to increased spot selling pressure. (Cointelegraph)