Bitcoin traded lower toward $67,000 during Friday’s European session, even as on-chain data showed stronger long-term accumulation and large exchange outflows. At the same time, market data showed firm resistance near the $72,000 area, while fresh bank commentary pointed to a split in ETF flows between Bitcoin and gold after the Iran war.
CryptoQuant data showed a fresh wave of Bitcoin leaving major exchanges, reducing the amount of BTC readily available for sale. According to analyst Amr Taha, nearly $1.6 billion in BTC left Bitfinex on March 16. That move was followed by another $678 million withdrawal from OKX, $728 million from Kraken, and about $400 million from Binance over the following days.
Taha said the activity was no longer limited to one exchange and reflected a broader pattern across the market. He wrote that the latest flow pattern suggested lower immediate selling pressure as investors moved coins off trading venues. When Bitcoin leaves exchanges in large amounts, traders often read it as a sign that holders are shifting assets into storage rather than preparing to sell.
Long-term holder data added to that pattern. The net position change for wallets holding Bitcoin for more than 155 days turned positive on March 5 and stayed there. Over the last 30 days, those holders added about 155,450 BTC, showing continued buying during price weakness below $68,000.
Taha said that when exchange balances fall while long-term holders increase exposure, it “usually signals lower immediate sell pressure and stronger conviction from investors with a longer time horizon.” As a result, tighter supply and steady accumulation kept attention on whether selling pressure may ease if the trend continues.
Even with that accumulation backdrop, the chart data showed Bitcoin struggling to break higher. Market analyst Daan Crypto Trades said the $72,000 area remained difficult for bulls to reclaim. A 4-hour Binance BTC/USDT perpetual chart showed repeated failures near the $71,500 to $72,000 range high, while the broader range low stayed near $62,100.
Those repeated rejections kept Bitcoin inside a sideways band instead of opening the way for a breakout. The price moved back toward the middle of the range after each push higher. Daan also warned that Friday trading often brings de-risking and headline-driven price swings, which can add more volatility before the weekend.
CoinGlass orderbook data showed another barrier just above spot price. A whole order book chart indicated a heavy sell wall between $72,300 and $72,600. Below the market, smaller bids appeared near $69,200, while stronger support sat lower in the $68,200 to $68,500 area. Deeper liquidity was also visible near $67,000 to $67,500.
That orderbook structure showed heavier resistance overhead than direct support below. CoinGlass said the market may sweep lower liquidity first unless buyers remove the large sell wall. In a separate market view, Michael van de Poppe said Bitcoin may revisit the $65,000 to $66,000 area to print a higher low, adding that a weaker move could send the price toward the lower $60,000 range.
Also Read: Bitcoin Price Slips Below $70,000, Strong Support Seen at $65,000
Alongside the trading setup, JPMorgan said fund flows into Bitcoin and gold ETFs moved in opposite directions after the Iran war. According to the bank, SPDR Gold Shares, the largest gold ETF, recorded outflows equal to about 2.7% of assets. In contrast, iShares Bitcoin Trust, the largest spot Bitcoin ETF, posted inflows of about 1.5%. JPMorgan said investors were “rebalancing their positions between gold and bitcoin.” The bank also said Bitcoin volatility has started to decline as institutional ownership rises and market liquidity improves. That view added another layer to the current market picture, where long-term demand and ETF inflows continued to build even as Bitcoin faced resistance near $72,000 and short-term downside pressure remained in place.