BlockBeats News, March 26 — According to Cointelegraph, Bitcoin prices continue to be pressured below $72,000, with multiple on-chain data indicating weakening market demand and limited short-term upside potential.
Data shows that investor behavior is shifting from “accumulation” to “distribution,” including large whales and small to medium-sized addresses showing signs of selling or halting increases; at the same time, activity from large transactions has dropped to a low level, as the market’s “smart money” remains on the sidelines amid policy uncertainties (such as the Clarity Act) and geopolitical tensions.
Additionally, on-chain activity continues to decline, with key indicators like active addresses and transaction counts weakening, reflecting overall network demand softness. The mining sector is also under pressure, with Bitcoin’s total network hash rate down about 22% from its early March peak. Rising energy costs have reduced miners’ profitability, leading some to shut down operations, and concerns about “miner capitulation” and potential selling pressure are increasing.
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