Bitcoin buy-side activity in the spot and futures markets supports the current rally toward $72,000, while short-term holders eased up on selling, increasing the chances of bulls taking control of BTC's price direction.

The Bitcoin supply held in long-term investor wallets moved above 4 million BTC, while a network activity index flashed a “bull phase” signal.

Wintermute analysts said Bitcoin’s price stability against the extreme bearish sentiment present in the market is a positive. Will BTC ever flip $70,000 back to support?