Glassnode: Bitcoin recently repeatedly surged past $70,000, with weak liquidity putting pressure on the rebound

PANews February 20 News, on the X platform, on-chain data analysis platform glassnode stated that since early February, every attempt by Bitcoin to re-establish the $70,000 level has been met with demand exhaustion, leading to further declines. Data shows that even a net realized profit outflow of just over $5 million per hour is enough to trigger a price pullback. In comparison, during the euphoric market phase in Q3 2025, profit-taking peaked at $200 million to $350 million per hour, yet prices still maintained an upward trend, indicating significantly stronger buying support at that time. glassnode pointed out that the current market is in a structurally liquidity-tight environment, making it more challenging for Bitcoin to continuously recover the $70,000 to $80,000 range, and the rebound process may be more turbulent.