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Bitcoin (BTC) held near the $78,000 level on Thursday, even as spot trading activity jumped sharply—an early sign that the latest rally may be losing some momentum as traders turn cautious around a short-term peak.
As of 10:26 a.m. Korea Standard Time on April 23 (9:26 p.m. ET on April 22), BTC was changing hands at $78,123, up 2.47% on the day. Despite the strong daily gain, the coin’s intraday pace cooled, with the daily change rate slipping to -0.13% after several sessions of advances, pointing to a brief consolidation phase rather than a clean breakout.
Trading volume surged to roughly $49.65 billion, up 36.69% from the prior session. Higher price alongside higher volume is often associated with “liquidity inflow,” but the muted follow-through suggests the market may be rotating into shorter-term positioning, with buyers stepping in while sellers begin to defend resistance near recent highs.
Over the last five sessions, BTC posted a drop of 2.49% on April 19, followed by gains of 2.75% (April 20), 0.64% (April 21), and 2.45% (April 22), before easing slightly on April 23. The sequence resembles a rebound that is now encountering profit-taking and tighter risk management.
Broader markets were also firmer. The S&P 500 rose 1.05% to 7,137.90, while gold climbed 0.04% to 4,755. Both risk assets and traditional hedges moving higher at the same time points to mixed macro positioning rather than a single dominant narrative.
Technical indicators showed a split across time frames. The daily MACD remained positive at 2,010, consistent with an ongoing short-term uptrend. However, the weekly MACD was still negative at -6,894, though it was improving versus the prior week—suggesting the rally has strengthened tactically while the longer-term trend has not fully flipped.
Market structure data indicated capital continuing to concentrate in Bitcoin. BTC dominance rose to 60.00%, up 1.60 percentage points, signaling relative strength versus altcoins and a preference for perceived “higher-quality liquidity” amid uncertain follow-through.
Sentiment shifted into outright risk-on territory. The Crypto Fear & Greed Index climbed to 61, entering the “greed” zone and indicating that upside expectations have become more widespread. At the same time, public attention softened slightly, with Google Trends interest falling to 60 from 64 the day before, suggesting enthusiasm may be more trader-driven than retail-led in the immediate term.
On-chain and positioning metrics suggested a market that is healthier but also more crowded. The Stablecoin Supply Ratio (SSR) rose to 11.43 (+1.02%), implying BTC’s market value is rising faster than stablecoin “dry powder,” which is often used as a proxy for incremental buying power. Analysts typically view a rising SSR as a headwind for further upside unless fresh capital enters.
Profitability also increased. Net Unrealized Profit/Loss (NUPL) ticked up to 0.306 (+1.07%), indicating a larger share of holders are sitting on unrealized gains—conditions that can raise “profit-taking” pressure if price stalls near resistance.
Supply signals were modestly constructive. Exchange reserves edged down to about 2.673 million BTC (-0.09%), and net exchange flows remained negative at -2,386.6 BTC, extending a trend of net outflows that reduces readily available sell-side supply. Network activity improved as well, with active wallets rising to roughly 655,493 from 620,346 the previous day.
Taken together, the data depict a Bitcoin market where demand has returned and supply remains constrained, but where sentiment and profitability are rising fast enough to limit immediate upside. Whether BTC can push decisively above the $78,000 region may depend on renewed “liquidity inflow” and the market’s ability to absorb profit-taking without a broader risk-off shift.
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