On-chain data shows a sharp increase in Bitcoin selling even as the cryptocurrency price continues to hold near the $70,000 mark. According to Glassnode, the Accumulation Trend Score has dropped to 0.04 — a near-zero level considered one of the most bearish signals for the market.

Such a reading means that holders across almost all wallet categories have switched to active selling. The distribution includes retail investors as well as large holders and so-called whales, which typically signals a distribution phase in the market.

At the same time, the price remains relatively stable, which may attract new buyers who view the $70,000 level as a strong support. However, analysts warn that price stability during a distribution phase does not always mean safety and could turn into a trap for late investors.

Further Bitcoin movement will largely depend on whether the $70,000 level holds. If institutional demand absorbs the selling, this level could become a new support. Otherwise, increased selling may trigger a cascade of stop orders and push the price down to the $60,000–$65,000 range.