$BTC Bitcoin has tested the $70,000 level twice within a single week, and both attempts ended the same way: rejection. The price action has been sharp and messy, with volatility running at its highest point since 2022. Short-term holders are bleeding, and the macro backdrop isn't doing anyone any favors right now.
Still, there are a few things worth watching closely.
Five straight weeks of Bitcoin Spot ETF outflows defined much of early 2026. Crypto analyst Axel Adler Jr flagged the trend, and it weighed heavily on sentiment across the board. The recent shift to positive inflows is a notable change, even if one week of data isn't enough to call a reversal with any confidence.
The supply in loss metric tells a similar story. At 46.3%, it has pushed into territory historically associated with deep market stress. Past bear market bottoms saw this figure climb toward 60% or beyond before any real recovery took hold. So while the number is uncomfortable, it doesn't yet signal a bottom is locked in.
Price structure has been somewhat encouraging though. Bitcoin defended the $60,000 level twice last month and has been printing higher lows in the days since. The taker buy/sell ratio's 7-day moving average climbed above 1 around February 25 and has held there for most of the past week. Buyers have been slightly more aggressive than sellers in futures markets, which matters.
The liquidation map adds another layer to the story. There's a notable cluster of leveraged long liquidations sitting between $65,200 and $67,000. Above current price though, the short liquidation stack is considerably larger. If Bitcoin pushes through resistance, forced short closures could accelerate the move quickly.
That's the setup for a short squeeze, and the conditions are building. Whether the trigger comes soon is the harder question. Caution still seems warranted until $70K actually breaks and holds.
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