Bitcoin Rebounds to $74,000 as On-Chain Data Reveals Renewed Buying Power

Bitcoin prices trended upward this week, reaching a one-month high of $74,000, with a noticeable easing of market selling pressure. According to on-chain data analytics platform CryptoQuant, this round of recovery is attributed to a simultaneous decrease in seller supply and a rebound in spot demand. Long-term holders' selling rate has fallen to its lowest level since June 2025, significantly reducing market supply pressure and providing crucial support for prices.

At the same time, the Coinbase premium index turned positive, indicating increased buying interest from U.S. domestic investors. The narrowing price difference with overseas exchanges further confirms the recovery on the demand side. This signal is often regarded as an important indicator of institutional and retail funds returning to the U.S. market.

Despite the strong short-term rebound momentum, technical resistance should not be ignored. If the upward momentum continues, Bitcoin may encounter significant resistance near $79,000, while $90,000 is considered a longer-term market capitalization-weighted realized price range, which has repeatedly limited price increases since the beginning of the year. It is worth noting that overall market sentiment remains cautious. CryptoQuant's bullish score index is currently only 10/100, reflecting that market confidence has not fully recovered. In addition, the global liquidity environment and interest rate expectations are still deep variables affecting the trend of crypto assets. The trend in the coming months will highly depend on the evolution of macroeconomic policies and the sustainability of capital flows.