Bitcoin is facing resistance near $75K as on-chain data shows profit taking

The latest on-chain data shows a sharp increase in the movement of Bitcoin (BTC) in the exchange.

On April 14, Binance recorded a huge spike in Exchange Inflow Coin Days Destroyed (CDD), reaching about 2.59 million.

Analysts link this increase to long-term holders moving old coins. This behavior often occurs when investors are preparing to take profits after price recovery phases.

The spike occurred when Bitcoin rose back to the $75,000 range. The data suggests that old catches, which have remained inactive for a long time, are now entering the trade.

CryptoOnchain’s analyst said “this increase suggests that long-term holders are getting a profit” while referring to the period of rising revenue.

The NUPL index shows an increase in market confidence

Another on-chain metric, Net Unrealized Profit/Loss (NUPL), also showed movement. The index recently rose to around 0.29, its highest level since late January.

This level is often associated with the “belief” phase of market cycles. It shows the growth of unrealized profits among investors and the shift to positive sentiment.

An Arab Chain analyst noted “the market is showing renewed optimism and rising profits” based on NUPL’s latest trend. The increase follows a period of volatility earlier this year.

The indicator suggests that the market has regained balance after the recent decline. It also shows signs of new money entering the market.

The Composite Index does not show a clear downward trend

The Bitcoin Composite Index (BCI), which combines NUPL and MVRV data, remains above the key level of 1.0. Analysts use this level to assess whether the market has bottomed.

Historical data shows that strong periods of accumulation often occur when the index falls below this threshold. Current studies suggest that such conditions have not been met.

Analyst Zizcrypto said “the indicator remains above the low levels, indicating a normalization instead of a full reset” when explaining the current position.

This reading points to a rising market instead of entering a deep accumulation phase.

Price movements and market conditions

Bitcoin recently failed to hold above $78,400 and is now close to $75,000. The price drop followed the country’s tensions related to developments in the Middle East.

Earlier, the stock gained momentum after reports of progress in diplomatic talks. It moved from below $70,500 to above $76,000 before reaching the top.

Market uncertainty returned after conflicting updates about the Strait of Hormuz. This led to a price correction of more than $3,000 from the peak.

The broader crypto market also fell, with the total market cap falling by around 100 billion.