Bitcoin price faces rejection at $72,000 amid low spot demand

Bitcoin (BTC) price is facing a strong supply wall around $72,000 on April 9 amid low spot liquidity inflows in recent past. Since early February, Bitcoin price has been trapped in a consolidation, with significant resistance above $72,000. After a rebound above this level earlier this week, BTC price may be forming a potential reversal pattern, characterized by a possible double top and a lower high, trading at about $71,222 at press time. With most crypto pairs forming a possible bearish continuation flag, as Finbold reported, the recent Bitcoin price rebound could be a false breakout. Moreover, low liquidity inflows suggest weak bullish conviction, according to analysis from on-chain analytics platform Glassnode. “Bitcoin bounced from $67,000 to $72,000, but weak spot demand and softer futures activity suggest the recovery still lacks strong conviction, even as ETF flows begin to turn modestly positive,” Glassnode noted. Bitcoin’s price has experienced a relief rally this week amid easing geopolitical tensions in the Middle East, as Finbold noted. However, the recent liquidity has failed to push the flagship coin above $72,000 to reclaim the Short-Term Holder Cost Basis at $81,600, the level at which recent buyers collectively break even. A potential Bitcoin price recovery toward its True Market Mean of approximately $78,000, which represents the average acquisition cost for actively traded coins, would first face selling pressure from short-term holders still underwater, whose aggregate breakeven is higher at around $81,600. As such, both $78,000 and $81,600 represent a distinct resistance zone, per Glassnode analysts. ​Meanwhile, unless Bitcoin’s spot trading volume rises from its current multi-year lows, selling pressure could persist, keeping BTC’s midterm price outlook bearish. As a result, BTC may drop to $54,000, which aligns with its realized price, the average cost for all coins in circulation.