Whale sell walls cluster around $69K as Bitcoin profit structure stays elevated. Here is what analysts say about the next BTC move.
Bitcoin is grinding into a critical resistance zone. A massive cluster of whale sell walls sits between $68,800 and $69,600.
CoinGlass flagged the development, pointing to the thickest supply concentration just above $69,000.
Bulls are currently pushing into this overhead liquidity. How price reacts here could shape the next major BTC move.
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Bitcoin Whale Order Book Shows Heavy Overhead Supply
According to CoinGlass, the whale order book update reveals significant sell pressure stacked above current prices.
The heaviest concentration sits right around the $69,000 mark. This creates a strong ceiling that bulls must work through.
#BTC whale orderbook update
BTC is grinding into a heavy cluster of whale sell walls here.
Major overhead liquidity sits from $68.8K to $69.6K, with the thickest concentration around $69K+.
On the downside, bid support is layered near $67.2K, $66.4K, and deeper around $65.8K.… pic.twitter.com/Xxy0E69wjl
— CoinGlass (@coinglass_com) April 1, 2026
On the downside, bid support layers are holding at $67,200, $66,400, and deeper around $65,800. These levels offer a cushion if price gets rejected.
CoinGlass noted that price is actively being pulled toward that overhead liquidity now.
The key question is whether buyers can absorb the supply above $69,000. If they do, CoinGlass says continuation opens up quickly. If not, the zone likely becomes a liquidity tap followed by a swift rejection.
Bitcoin Profit Structure Still Far from a Full Reset
While price action tests resistance, on-chain data tells a broader story.
CryptoQuant analyst Axel Adler Jr. shared a detailed breakdown of Bitcoin’s profit structure on April 1, 2026. The share of profitable Bitcoin coins has recovered to 66.4%, with the 30-day moving average sitting at 69.1%.
Bitcoin Profit Structure Has Not Reset Yet
“As long as the long-term average holds near 87.5%, this is better described as a prolonged cyclical correction with elevated two-way volatility, rather than a full bearish-phase reset.” – By @AxelAdlerJr pic.twitter.com/QWI3CfrmC3
— CryptoQuant.com (@cryptoquant_com) April 1, 2026
The critical benchmark here is the 365-day moving average, which currently stands at 87.5%. Adler noted that this metric has not entered a full capitulation regime.
He pointed out that previous cycle resets saw the annual average compress sharply. In May 2019, it fell as low as 63.8% after peaking near 97% at the end of 2017.
The current cycle looks different. Despite the 2026 drawdown pushing the metric to a low of 55.7%, the 365-day average remains well above past reset zones.
Adler described this as a prolonged cyclical correction with elevated two-way volatility, not a true bearish-phase reset.
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What Analysts Say About the Next Bitcoin Move
Both data points paint a market at a crossroads. Short-term, the $69,000 zone is the line in the sand.
CoinGlass made it clear that this is the key area traders should watch. A clean break above it shifts the outlook, while a rejection keeps the range intact.
Longer term, CryptoQuant’s analysis suggests the broader structure remains intact.
The network’s annual profit average staying near 87.5% separates this phase from past bear cycles. Adler concluded that the market is experiencing severe internal compression, but structural reset conditions have not been met.
Bitcoin remains in a sensitive zone. Both the order book and on-chain data suggest the next directional move is close.
