Is Bitcoin’s range about to break after Riot’s $102mln sell-off?

Bitcoin

Is Bitcoin‘s range about to break after Riot’s $102mln sell-off？

Riot Platforms offloaded 1,500 BTC worth $102.3 million to NYDIG within five days, adding sell-side pressure to Bitcoins range. This move reflected a shift in miner behavior toward active distribution rather than holding.

Source: Lookonchain/X

Such transfers typically signal readiness to sell, adding pressure within an already compressed structure.

However, this supply did not emerge in isolation, as broader exchange balances continued declining.

As a result, supply conditions became fragmented, where localized selling coexisted with underlying accumulation.

Bitcoin stalls below $71K resistance

Bitcoin traded between $65K support and $71K resistance, where the price continued failing to sustain upside expansion. The chart showed repeated rejection near $71K, reinforcing it as a strong ceiling.

Although the price rebounded from a rounded base, the cup and handle pattern remained unconfirmed.

Bitcoin [BTC] hovered near the upper handle boundary without a decisive breakout.

MACD reflected a subtle shift, as the MACD line crossed above the signal line but remained negative. This crossover suggested early recovery strength rather than confirmed bullish control.

The histogram turned green, indicating weakening selling pressure.

However, price stayed below resistance, showing recovery had not yet translated into a breakout.

Source: TradingViewOutflows persist despite miner sellingSource: CoinGlassNVT decline signals stronger network usageSource: CryptoQuantBitcoin long positioning rises sharply in derivativesSource: CryptoQuant