Bitcoin (BTC) is trading near $70,725 on March 21, trapped between rising long-term holder accumulation and a sustained stretch of on-chain realized losses that signal weak demand absorption above $70,000. The tension between those two forces has compressed price action into a tight range for the better part of two weeks. The outcome of that compression will likely determine whether BTC stages a clean break or retests lower support. Bitcoin Holders Aren’t Showing Confidence Glassnode’s BTC Net Realized Profit/Loss (24h Moving Average) chart, covering January 29 through March 20, shows that the metric has remained almost entirely negative throughout the period