Analysis of Bitcoin under pressure in the US$72000 range, multiple necklace indicators show weakening demand

Bitcoin prices continue to be under pressure below US$72,000. The data on the fourth chain indicates that market demand is weakening and the short-term upside is under pressure: 1. Glassnode's Cumulative Trend Score (ATS) is close to zero, indicating that large households are reducing or stopping accumulating BTC. The trend is similar to early 2025, when the price of Bitcoin fell to $74,500. Small to medium-sized cash-holding entities (less than 1,000 BTC) also show a "distributed or inactive" status. 2. Sanitation pointed out that Bitcoin whale activity has been "historically depressed". Last week, there were only 6,417 single transactions exceeding US$100,000, and transactions exceeding US$1 million dropped to 1,485, the lowest level since October 2024. Analysts said that smart funds are cautiously waiting and watching due to the uncertainty of the CLARITYAct and the prospects of the war. 3. CryptoQuant's Internet Activity Index has continued to decline since August 2025, reflecting weakening overall chain demand. BitcoinVector's basic indicators also show weak network liquidity and growth. Market conditions are described as "stability without support." Short-term gains rely more on capital flows, short covering or external catalysis than on natural growth. 4. Bitcoin computing power has dropped sharply to 813EH/s in the past few weeks, down 22% from 1.2 ZH/s on March 5. Rising energy costs and geopolitical conflicts have caused computing power gains per PH/s/day to be less than US$34, and most miners face losses. Analysts at TokenMetrics warned that if the difficulty drops by more than 5% within a week, miners 'withdrawal accelerates and spot selling pressure may increase further.