Analysis: Bitcoin is under pressure in the $72,000 range, and indicators on multiple exchanges suggest weakening demand.

Bitcoin prices continue to be pressured below $72,000, with four on-chain data points indicating weakening market demand and limited short-term upside potential: 1. Glassnode's Accumulated Trend Score (ATS) is near zero, indicating that large holders are reducing or ceasing their BTC accumulation. This trend is similar to early 2025, when Bitcoin prices fell to $74,500, and small to medium-sized holders (less than 1,000 BTC) were also in a "distribution or inactivity" state. 2. Santiment data shows that Bitcoin whale activity is "historically low," with only 6,417 transactions exceeding $100,000 last week, and transactions exceeding $1 million dropping to 1,485, the lowest level since October 2024. Analysts say that smart money is cautiously observing due to the uncertainty surrounding the CLARITY Act and the prospect of war. 3. CryptoQuant's Network Activity Index has been declining continuously since August 2025, reflecting weakening overall on-chain demand. Bitcoin Vector's fundamental metrics also indicate weak network liquidity and growth, with the market described as "unsupported stability." Short-term gains rely more on fund flows, short covering, or external catalysts than on natural growth. 4. Bitcoin's hashrate has dropped sharply in recent weeks to 813 EH/s, a 22% decline from 1.2 ZH/s on March 5th. Rising energy costs and geopolitical conflicts have resulted in hashrate revenue per PH/s/day falling below $34, leaving most miners facing losses. Token Metrics analysts warn that if the difficulty drops by more than 5% within a week, miner exits will accelerate, potentially further increasing spot selling pressure. (Cointelegraph)