Bitcoin may be entering a phase of seller exhaustion. Following a dip near $60,000 on February 5, the asset has consolidated for over two months, gradually approaching the $70,000 level. This period coincided with geopolitical uncertainty, driving oil prices above $100 a barrel.
Data suggests selling pressure is easing. Realized losses are currently averaging around $400 million daily, a decline from previous spikes, though still elevated. These losses had previously surged to as high as $2 billion in November and February.
On-chain metrics reinforce this trend. Realized profits, on a seven-day moving average, are near twelve-month lows. The realized profit-to-loss ratio has risen to 1.4, its highest level since January, indicating that profits now outweigh losses. These indicators point toward a market where selling pressure is fading, increasing the likelihood of seller exhaustion.