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Bitcoin’s move above $72,000 on March 13 has not yet confirmed a sustained bullish trend. Despite the rally, broader market indicators point to bearish pressure still shaping Bitcoin’s near-term price structure.
At press time, BTC had retraced to around $70,650 as sentiment began to cool. With momentum under review, several on-chain and market metrics offer a clearer view of Bitcoin’s current positioning.
The Buy/Sell Pressure Delta, used to gauge which side of the market holds stronger influence, suggests that demand behind BTC’s recent advance remains fragile.
According to data cited from Alphractal, a pattern resembling a death cross formed shortly after the breakout. This occurs when the sell pressure line (red) crosses above the buy pressure line (green), indicating sellers have begun to outpace buyers.
The crossover implies that short traders increased exposure soon after the price spike, distributing more Bitcoin into the market than buyers accumulated during the same period.
Even so, the development is best treated as a cautionary signal rather than proof of full bearish control. A broader look at the Delta shows the indicator remains in positive territory, meaning overall market pressure still leans toward buying activity.
What the data highlights is a short-term momentum shift, with sellers gaining temporary control.
Korean investors continue to be an important segment to monitor, particularly because sentiment data shows traders in the region have been largely bearish throughout March.
As of March 3, capital flows from Korean trading platforms have declined noticeably, reflecting reduced buying participation. CryptoQuant data is cited as the source for this trend.
Analysts also note that the current setup resembles market behavior from July to August. During that earlier period, Bitcoin reached a high of $120,090 before falling toward $112,000. At the time, the Korean Premium Index stayed negative even as Bitcoin traded near its peak.
A similar structure is described as developing now: the index remains in negative territory while Bitcoin attempted another upward move. If Bitcoin prints another local high while the index stays deeply negative, the divergence between Korean investor sentiment and price action could widen, and such structural gaps have historically tended to resolve through downward price adjustments.
Another factor influencing the market narrative is Bitcoin velocity, a metric that tracks how quickly the asset circulates across the broader crypto economy.
The latest surge began around January 31, when the metric rose from 12.37 to 12.72, according to velocity data cited from CryptoQuant. The increase suggests Bitcoin is moving more actively through the ecosystem than in prior weeks.
However, this change is not accompanied by increased activity from large holders. CryptoQuant data indicates whale wallets have remained mostly inactive, with both exchange inflows and outflows from these wallets declining. This suggests major holders are neither aggressively buying nor distributing positions.
Unless whale activity returns with significant capital flows, Bitcoin’s near-term direction may rely more on retail-driven momentum than on institutional accumulation.
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