Bitcoin hit a wall at 76,000, followed by a quick rejection back to the 74,500 – 74,900 range
Current on-chain metrics explain the local exhaustion. Key Data Points: 🟠 Investors locked in over 1.14B in realized profit during the move. The 30-day EMA of the SOPR ratio reached 1.16, signaling active distribution at local highs. 🟠 Fragmented Demand: Spot demand is inconsistent. Strong buying on Binance is not being mirrored on other major exchanges, creating a liquidity gap. 🟠 Derivatives Caution: Sentiment remains defensive...