Bitcoin is testing the $70,000 level after briefly rising towards $74,000 as the market tries to stabilize after a volatile period characterized by geopolitical uncertainty and rapid price swings. While the recent rally has helped restore near-term momentum, analysts are closely monitoring on-chain data to determine whether the move reflects a broader shift in market structure or simply a ephemeral revival in an ongoing consolidation phase.
According to top analyst Axel Adler, the recent exchange flow data reveals a noticeable change that may signal an underlying accumulation. This week saw an unusually vast Bitcoin outflow, with approximately 31,900 BTC leaving exchanges in a single day. Historically, events of this scale have often been associated with large-scale coin transfers into icy storage, suggesting that some market participants may be moving coins off trading platforms for long-term storage.
Bitcoin net flows from exchanges have remained consistently negative over the past seven days. Daily outflows included approximately 2,867 BTC on February 27, 1,205 BTC on February 28, 251 BTC on March 1, 6,129 BTC on March 2, 1,819 BTC on March 3, a surge of 31,900 BTC on March 4, and 3,478 BTC on March 5. In total, approximately 47,700 BTC exchanges occurred during the week, which is one of the largest weekly outflows recorded in the last year.
Stablecoin flows reveal the employ of liquidity in Bitcoin
The report also analyzes stablecoin activity on exchanges, highlighting a significant shift in liquidity dynamics in early March. Data from All Stablecoins (ERC20) Exchange Netflow the metric tracks the daily net movement of stablecoins across trading platforms and provides insight into how capital flows into and out of the cryptocurrency market.
For most of 2025, stablecoin network flows have exhibited a largely neutral pattern, characterized by alternating inflows and outflows without a sustained directional trend. There were several significant increases throughout the year, including inflows of approximately $2.7 billion in July and approximately $2.4 billion in September. However, in early March 2026, a more significant regime change occurred.
During this time, the chart saw a vast inflow of stablecoins into exchanges worth around $1.1 billion. Within just a few days, the trend reversed and net flow dropped to approximately -$37.5 million. While the current outflow is not extreme compared to historical fluctuations, the rapid transition from inflow to outflow suggests that incoming liquidity was quickly utilized.
According to the analysis, this move is likely directly linked to the anomalous Bitcoin outflow observed on March 4. The sequence suggests that stablecoins were first deposited on exchanges, converted to Bitcoin via spot purchases, and then withdrawn into icy storage. Large-scale batteries trigger this behavior, i.e. buying Bitcoin on stock exchanges and immediately transfer them to long-term storage.
Bitcoin is testing a key level around 70,000. dollars
The 4-hour chart shows Bitcoin consolidating near the $70,000 level after a keen rebound from slow February lows around $63,000. After a geopolitically-driven sell-off, BTC found itself in a sideways structure for several weeks, before rising in early March and briefly reaching the $74,000 region. This move pushed the price above short-term moving averages, signaling improved momentum.
Currently, Bitcoin is testing the convergence of several technical levels near 70,000. dollars. The price has rebounded from the recent local high and is currently hovering around the descending 200-period moving average, which is acting as immediate resistance. The 50- and 100-period moving averages are slightly below current price, creating a near-term support cluster in the $68,000-$69,000 range.
From a structural perspective, the recent breakout has moved the market from a short-term downtrend to a consolidation phase with slightly higher lows. However, the rejection near $74,000 indicates that upward momentum continues to face overall pressure.
If Bitcoin manages to stay above the support zone at 69,000. dollars, the market may make another attempt to move towards the resistance area at 73,000. dollars – 74 thousand dollars. A significant break above this region would confirm a renewed escalate in dynamics. Conversely, the loss of a support cluster worth 68,000. dollars may trigger another retest in the range of 65,000. dollars – 66 thousand dollars, which had previously seen robust purchases.
Featured image from ChatGPT, chart from TradingView.com
