Bitcoin faced familiar resistance as it broke above the $70,000 mark to hit recent April highs, with analysis blaming “profit-taking pressure.”
Bitcoin (BTC) coiled below $70,000 at Monday’s Wall Street open as analysis blamed profit taking for price inertia.
Key points:
-
Bitcoin and stocks wobble as the US trading session begins amid nerves over the US-Iran war outcome.
-
Profit taking activity is keeping BTC price action away from a $70,000 reclaim, says research.
-
A Trader says $71,000 will act as fuel for a surge $10,000 higher.
BTC price meets “profit-taking pressure”
Data from TradingView showed BTC price action consolidating after hitting new April highs of $70,275 on Bitstamp.
Market nerves over the US-Iran war resulted in uncertain trading, with US stocks treading water at the open.
Speaking to the media at a military event, US President Donald Trump reiterated earlier comments that Iran would “have no bridges” and “no power plants” unless a deal was reached.
“I won’t go further because there are other things that are worse than those two,” he told reporters.
Trump previously stated that the deadline for a deal was 8pm Eastern time on Tuesday.
With the price remaining below $70,000, onchain analytical platform Glassnode pointed to internal market forces as the reason for the lack of continued growth.
“As prices probed in the $70,000 region, realized profit per hour rose above $20 million, signaling local exhaustion,” the report noted write to X.
“Pattern consistent since February 2026: any approach to the $70-80k range is met with low liquidity and profit-taking pressure, limiting the rebound.”
The pseudonymous LP trader added that Mondays and Thursdays throughout 2026 were at the upper and lower limits of the weekly trading range.
“The price rose on Monday, increasing the likelihood of this pivot point forming a weekly high. If the correlation continues, it would mean that Thursday represents a weekly low,” he said X followers
“Watch closely the price action today and tomorrow and it will confirm whether this mid-week turn turned out to be a top or a bottom.”
Bitcoin trader eyes $71,000 springboard
Continuing, cryptocurrency trader Michaël Van de Poppe said the line in the sand for bears is slightly higher than Monday’s current high.
Related: First real bull signal since 2025? Five things to know about Bitcoin this week
“Pretty strong momentum in Bitcoin markets,” he said he wrote on X with an initial move of up to $70,000.
“Volatility is rising and I think it’s fireworks this week as we may be approaching the endgame of the whole Strait of Hormuz situation. If Bitcoin breaks through $71,000, markets will see a test of $80,000.”
Van de Poppe further cautioned that the general market consensus on the upcoming next lows should be followed.
“Given that all markets are so oversold at this point that all indicators in the chain appear overstretched and are at levels similar to the lows in 2018, 2020 and 2022, I would not be surprised if there is a wave of relief that changes sentiment quickly,” he added. he stated.
[–>
This article was created in accordance with Cointelegraph’s Editorial Policy and is for informational purposes only. It does not constitute investment advice or recommendation. All investments and transactions involve risk; Readers are encouraged to conduct independent research before making any decisions. Cointelegraph does not warrant the accuracy or completeness of the information presented, including forward-looking statements, and is not liable for any loss or damage arising from your reliance on this content.
