Bitcoin Falls Below $70,000 After $74,050 Peak as Long-Term Holders Resume Selling

Bitcoin rose to $74,050 on Wednesday, March 4, but has since dropped below $70,000 amid profit-taking and weak sentiment, AMBCrypto reports. The Bull Score Index stood near 10 and the Coinbase Premium Index returned to negative territory after briefly turning positive, signaling limited conviction. Crypto analyst Axel Adler Jr said on X that selling pressure from long-term holders—those holding BTC unmoved for at least 155 days—may be rising again, though the cohort remains profitable with an estimated cost basis around $39,800 despite a 46% drawdown since October. Separately, analyst Darkfost noted that short-term holders sent roughly 27,500 BTC to exchanges in profit, a flow that likely pushed the price below $70,000 and could test levels under $68,000 amid fear and uncertainty, with short-term holders' realized price indicated around $68,000.