Despite positive news from Wall Street over the past few months, why can't Bitcoin break through the $70,000 barrier? This question has been troubling many traders.

In fact, market psychology isn't that simple. Even when institutional investors buy, profit-taking sells happen at the same time, and technical resistance levels also exist. Currently, BTC is trading around $74,570, but there are several reasons why selling pressure remains strong at this level.

First, large-scale profit-taking sales. There are moves aiming to surpass $70,000, but each time, profit-taking sells come in. This is a natural market mechanism. Next, macroeconomic uncertainty. With the future of interest rate policies uncertain, large investors are cautious.

Nevertheless, many remain bullish. The high level of interest from Wall Street itself supports the long-term trend. Although Bitcoin hasn't broken the psychological resistance of $70,000 in the short term, a range-bound market at this level is also quite likely.

Personally, I believe that in such situations, the true nature of the market becomes visible. It's not just about flashy news; understanding actual supply and demand balance and investor psychology is crucial. Holding spot assets around Gate and observing the market could be a good strategy.