Bitcoin bows before $75,000 resistance amid strong derivatives sentiment

• Bitcoin dropped below $72,000 after facing resistance at $75,000 despite improving derivatives sentiment.
• CryptoQuant analysts reported an increase in Bitcoin exchange inflows, with hourly volumes hitting 6,100 BTC, signaling potential sell pressure.
• Bitcoin's rejection is largely aligned with historical pressure near the realized price lower band.

Bitcoin's (BTC) derivatives market is showing signs of strengthening bullish sentiment, according to a CryptoQuant report on Wednesday.

The report stated that Bitcoin rose above $70,000 after repeatedly failing to break through the $63,000 and $66,000 levels in recent weeks. The move triggered a wave of short liquidations, which paved the way for new long positions, particularly above $73,000. This shift suggests that bullish traders are beginning to dominate activity in the perpetual futures market.

CryptoQuant suggested that the change in positioning reflects growing expectations of further near-term upside, especially as traders increase exposure following the breakout.

Bitcoin buy-side dominance grows, but exchange inflows signal caution

The report also points to a rise in buy orders among traders. The Taker Buy/Sell Volume Ratio has remained above 1.0 for both Bitcoin and Ethereum, indicating that buy-side activity continues to outpace selling pressure. The surge marks its highest level since October 2025, signaling that traders are positioning for higher prices, CryptoQuant analysts stated.

Meanwhile, K33 Research stated that Bitcoin climbed past $75,000 before pulling back toward its March 2024 all-time high of $73,835. The move marked eight consecutive days of gains, yielding an 8% return over a seven-day period.

The report also identified Strategy as a key driver of demand. The Bitcoin treasury firm accumulated more than 40,000 BTC over two weeks, funded by capital raised through preferred share offerings, providing significant support to the spot market.

However, CryptoQuant signaled that rising prices have coincided with increased Bitcoin inflows into exchanges, with hourly inflows reaching 6,100 BTC.

Notably, 63% of these inflows came from large deposits, a pattern historically associated with potential selling pressure as investors move assets to exchanges.

Additionally, Bitcoin's near-term outlook points to key resistance levels ahead, according to CryptoQuant. The analyst stated that BTC could first encounter resistance at $75,000, aligning with the lower band of Traders' On-chain Realized Price.

That level has historically acted as resistance during bear market conditions. CryptoQuant added that the next major resistance lies near $85,000, which corresponds to the upper band of the same metric. The report noted that this zone previously capped price advances in mid-January, when Bitcoin rallied from $80,000 to $98,000.

Bitcoin has already begun reacting to the resistance range following the Federal Reserve's (Fed) decision to keep interest rates unchanged at 3.5%–3.75%. Bitcoin pulled back sharply from recent highs, falling 4% to around $71,100 amid a broader decline across gold and the US stock market.