Bitcoin faces resistance near $75K as on-chain data signals profit-taking

Recent on-chain data shows a sharp rise in Bitcoin (BTC) movement to exchanges.

On April 14, Binance recorded a major spike in Exchange Inflow Coin Days Destroyed (CDD), reaching about 2.59 million.

Analysts link this surge to long-term holders moving older coins. This behavior often appears when investors prepare to take profits after price recovery phases.

The spike occurred as Bitcoin climbed back toward the $75,000 range. Data suggests that older holdings, which remained inactive for long periods, are now entering exchanges.

Analyst CryptoOnchain stated ”this surge suggests long-term holders are securing profits” while referring to the timing of the inflow spike.

NUPL indicator signals rising market confidence

Another on-chain metric, Net Unrealized Profit/Loss (NUPL), has also shown movement. The indicator recently climbed to around 0.29, its highest level since late January.

This level is commonly linked to the “belief” phase in market cycles. It reflects growing unrealized profits among investors and a shift toward positive sentiment.

Analyst Arab Chain noted ”the market is showing renewed optimism and rising profits” based on the recent NUPL trend. The increase follows a period of volatility earlier in the year.

The indicator suggests that the market has regained balance after recent declines. It also shows signs of new capital entering the market.

Composite Index shows no clear bottom formation

The Bitcoin Composite Index (BCI), which combines NUPL and MVRV data, remains above the key level of 1.0. Analysts use this level to assess whether the market has reached a bottom.

Historical data shows that strong accumulation phases often occur when the index drops below this threshold. Current readings suggest that such conditions have not yet been reached.

Source: CryptoQuant

Analyst Zizcrypto stated ”the index remains above bottom levels, indicating normalization rather than full reset” when describing the current position.

This reading points to a market that is stabilizing rather than entering a deep accumulation phase.

Price movement and market conditions

Bitcoin recently failed to hold above $78,400 and has moved closer to $75,000. The price drop followed renewed geopolitical tension linked to developments in the Middle East.

The asset had earlier gained momentum after reports of progress in diplomatic talks. It moved from below $70,500 to above $76,000 before reaching a local high.

Market uncertainty returned after conflicting updates regarding the Strait of Hormuz. This led to a price correction of more than $3,000 from the peak.

The broader crypto market also declined, with total market value dropping by around $100 billion.

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