Analysis suggests that Bitcoin is under pressure in the $72,000 range, with multi-chain indicators showing weakening demand.

According to ChainCatcher, Bitcoin prices continue to be pressured below $72,000. Data from four chains indicates weakening market demand, limiting short-term upside potential: 1. Glassnode's Accumulated Trend Score (ATS) is near zero, showing that large holders are reducing or ceasing BTC accumulation. This trend is similar to early 2025, when Bitcoin prices fell to $74,500. Small to medium-sized holders (less than 1,000 BTC) are also showing signs of "distribution or inactivity." 2. Santiment points out that Bitcoin whale activity is "historically low," with only 6,417 transactions exceeding $100,000 last week, and transactions exceeding $1 million dropping to 1,485, the lowest level since October 2024. Analysts suggest that smart money is cautiously observing due to uncertainty surrounding the CLARITY Act and the prospect of war. 3. CryptoQuant's network activity index has been declining continuously since August 2025, reflecting weakening overall on-chain demand. Bitcoin Vector's fundamental metrics also show weak network liquidity and growth, with the market condition described as "unsupported stability." Short-term gains rely more on fund flows, short covering, or external catalysts than on natural growth. 4. Bitcoin's hashrate has dropped sharply in 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 resulted in hashrate revenue of less than $34 per PH/s/day, with most miners facing losses. Token Metrics analysts warn that if the difficulty drops by more than 5% within a week, miner exits will accelerate, potentially further increasing spot selling pressure.