Glassnode: Bitcoin Recently Attempts to Break Through $70,000 Multiple Times, Weak Liquidity Pressures Rebound Summary On-Chain Data Analysis Platform Glassnode pointed out that since early February, Bitcoin has experienced demand exhaustion each time it attempts to regain the $70,000 level, leading to price declines. The current market liquidity is relatively thin, and the rebound process may face challenges. PANews February 20 News, on-chain data analysis platform Glassnode posted on X that since early February, every attempt by Bitcoin to re-establish above $70,000 has been met with demand exhaustion, resulting in subsequent declines. Data shows that even a net realized profit outflow of just over $5 million per hour is enough to trigger a price pullback. In comparison, during the euphoric market phase in Q3 2025, profit-taking peaked at $200 million to $350 million per hour, yet prices still maintained an upward trend, indicating significantly stronger buying capacity at that time. Glassnode pointed out that the current market is in a structurally thin liquidity environment, making it more challenging for Bitcoin to continuously recover the $70,000 to $80,000 range, and the rebound process may be more turbulent. #Gate广场发帖领五万美金红包