🔄UPDATE:
The $70k ceiling holds!
Feb 19 → Feb 25 → Mar 03, 02:00 UTC.
Each time the 12HR-SMA of Net Realized P&L spiked above $5M/hr, price stalled and reversed at the $69.4k range high. This region continues to cap every recovery attempt. The asymmetry reflects the fragility of the current demand structure.
Until this level of profit-taking can be absorbed without triggering rejection, $70k remains a ceiling, not a floor.
📉glassno.de/4kHB925
Post #1572
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Glassnode Feb 25, 18:00 UTC — this pattern repeated. Smoothed Net Realized P&L exceeded $5M/hr. Price peaked at $69.4k and stalled. Profit-taking continues to absorb momentum at the $70k threshold, consistent with a thin liquidity regime where even modest realization…
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