Bitcoin has stayed in the $70,000 to $75,000 range even after a one-day sale of 14,600 BTC. The report says that selling hit on May 4 when BTC was nearing $82,000, putting the day’s realized value at roughly $1.14 billion. Price pressure was clear. Still, spot and derivatives data suggest demand did not disappear during the pullback.
Coinbase premium stays negative, but selling pressure is easing
On May 19, the Coinbase Premium Index fell to -0.087, its lowest reading since March 31. A negative premium means Bitcoin was trading at a discount on Coinbase relative to Binance, a sign of weaker demand from US-based buyers on the platform. Even so, CryptoQuant said the 14-day moving average of the index remains above its February lows, pointing to softer selling pressure. Daily readings are still below zero, yet the trend in the average has started to improve.
Profit-taking metrics tell a similar story. According to CryptoQuant, Bitcoin’s unrealized profit ratio climbed to 17.7% on May 5, the highest level cited in the article since June 2025. That indicates market participants were sitting on sizeable gains, both realized and unrealized. It helps explain why sellers became more active as BTC approached the $82,000 area.
Base revenue rises even as Coinbase spot demand weakens
Crypto analyst Amr Taha said transaction volumes across Coinbase-linked networks remained firm during the recent correction. Base stood out. Coinbase’s Ethereum-compatible layer-2 network generated about $972,000 in revenue on May 19, above the levels seen at the end of March. That matters because the negative premium did not come with a clear drop in network participation across the broader Coinbase ecosystem.
Bitcoin’s ability to hold inside the $70,000-$75,000 band has also been framed as a sign of renewed accumulation in that zone. The market absorbed a large round of selling without immediately losing a major support area, which suggests spot buyers are still active at lower levels.
Chart levels and futures flows still point to buyer support
On the daily chart, Bitcoin has remained above its 100-day exponential moving average at $76,800 even after rejection near $82,000. The latest pullback was contained in the $76,000 to $77,000 range, an area many analysts describe as fair value. If BTC rebounds there, the market could make another run toward $80,000 to $82,000. If price falls below $74,800, downside pressure may intensify, while $70,000 remains the key psychological level.
Futures data also show that demand is still present. Analyst CryptoOnChain said Bitcoin’s 30-day net taker volume dropped from $243 million in April to $58 million on May 18, but it stayed positive. That suggests buyers continued absorbing sell-side pressure even during the latest correction. Taken together, the recovery in spot demand, higher Base revenue, and still-positive futures positioning outline a market that remains supported rather than fully rolling over.