As an analyst, I’m watching significant sell orders – what we call ‘whale sell walls’ – build up around the $69,000 mark for Bitcoin. Interestingly, profits are still quite high for those holding BTC. This suggests a potential resistance point, and I’m currently assessing what this means for the next price movement. Other analysts are also focused on this level, expecting a possible pullback or consolidation before any further upward momentum.
Bitcoin is currently facing strong resistance as it approaches a key price level. Large sell orders from major investors, often called “whales,” are concentrated between $68,800 and $69,600, potentially hindering further price increases.
CoinGlass noticed this trend, highlighting a large amount of sell orders clustered right around the $69,000 price point.
Bitcoin buyers are currently testing a key price level where many sell orders are placed. How the price behaves at this point will likely determine where Bitcoin goes next.
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CoinGlass data shows large sell orders are concentrated at prices higher than the current market value, suggesting potential downward pressure on prices.
Most of the selling pressure is focused around $69,000, which is acting as a strong resistance level that buyers will need to overcome.
whale orderbook update
BTC is grinding into a heavy cluster of whale sell walls here.
Major overhead liquidity sits from $68.8K to $69.6K, with the thickest concentration around $69K+.
On the downside, bid support is layered near $67.2K, $66.4K, and deeper around $65.8K.…
— CoinGlass (@coinglass_com)
However, there’s strong buying pressure around $67,200, $66,400, and especially $65,800. These price points could prevent further declines if the price falls.
CoinGlass noted that price is actively being pulled toward that overhead liquidity now.
The main concern now is whether buyers will continue to purchase Bitcoin at prices above $69,000. If they do, the price could rise quickly, according to CoinGlass. However, if they don’t, this price level might act as a point where sellers quickly take profits, leading to a price drop.
Bitcoin Profit Structure Still Far from a Full Reset
While price action tests resistance, on-chain data tells a broader story.
On April 1, 2026, CryptoQuant analyst Axel Adler Jr. explained how profitable Bitcoin currently is. He found that 66.4% of all Bitcoin coins are currently held by people who paid less for them than their current value, and this number has been steadily increasing, averaging 69.1% over the last 30 days.
Bitcoin Profit Structure Has Not Reset Yet
If the typical long-term rate stays around 87.5%, the current situation is likely a lengthy, but normal, market dip with increased price swings, not a complete shift to a declining market.
— CryptoQuant.com (@cryptoquant_com)
Currently, the key indicator to watch is the 365-day moving average, which is at 87.5%. According to Adler, this number hasn’t yet signaled a major downturn.
He noted that past periods of similar resets caused a significant drop in the yearly average. For example, in May 2019, it fell to 63.8% after reaching almost 97% in late 2017.
Things are different this time around. Although projections for 2026 show a significant decrease, bringing the figure down to 55.7%, the average over the past year is still much higher than it usually is before a new cycle begins.
Adler explained this as a drawn-out period of price adjustments with significant ups and downs, rather than a complete shift to a declining market.
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Bitcoin Death Cross Flashes: Is Final Capitulation Near?
What Analysts Say About the Next Bitcoin Move
As a crypto investor, it feels like the market is at a critical point right now. I’m watching the $69,000 level closely – it seems like whether we stay above or fall below that price is going to decide where we’re headed in the short term.
CoinGlass highlighted an important level for traders to monitor. If the price rises above this level, it suggests a potential shift in the market trend. Conversely, if the price falls back down, it indicates the market will likely continue to fluctuate within its current range.
Longer term, CryptoQuant’s analysis suggests the broader structure remains intact.
Unlike previous downturns, the network has consistently maintained an average profit margin of around 87.5%. Adler believes this indicates significant pressure within the market, but a major shift in its underlying structure hasn’t happened yet.
Bitcoin is currently at a critical point, and both market data and blockchain information indicate a significant price change is likely to happen soon.
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2026-04-01 18:29