Bitcoin is struggling below $75,000 as the market faces uncertainty that has made it difficult to maintain directional conviction across multiple sessions. Price is under pressure – and senior analyst Axel Adler has identified a development in institutional portfolio data that adds a speculative dimension to the current weakness that price charting alone does not reveal.
BlackRock and Strategy wallets have moved Bitcoin to the Coinbase Prime infrastructure. The movement is documented and confirmed. What remains uncertain is the intent behind this – the sale has not yet been implemented, and the transfer to Coinbase Prime’s custody and settlement infrastructure does not constitute an automatic distribution. Large institutional participants move Bitcoin through the underlying infrastructure for a variety of reasons that include rebalancing, collateral management, and operational transfers that do not lead to an open market sale.
What transportation creates is excess supply. The Bitcoin that has moved to the exchange-adjacent infrastructure is the Bitcoin that is closest to the sell side of it Bitcoin Sit in cold storage. The market now faces a specific, measurable question: Is current demand at $75,000 or less sufficient to absorb whatever volume these portfolios eventually head toward the open market?
Adler’s analysis portrays the current moment as a test of demand rather than a confirmation of selling, and the market’s response to this test is what the coming sessions will reveal.
7,048 BTC from BlackRock and 411 BTC from Strategy
Axel Adler analysis Documents the chain of transactions with precision that removes ambiguity about what was transferred and where it went. On May 28, 7,048,324 bitcoins traveled via route from IBIT wallets via a BlackRock Coinbase Prime deposit address to Coinbase Prime itself. The metric follows this specific path because it represents a logistical move of useful scope – not an internal bookkeeping move but a deliberate repositioning of coins from the storage infrastructure to a place where liquidity can be accessed.
BlackRock transfers to Coinbase Prime | Source: Arkham
The strategy’s dependent component adds a second thread to the same destination. He received a broker address of 206,169 BTC and 205,312 BTC from Arkham wallets that he attributed to Strategy. Roughly fifteen minutes later, the total amount of 411,480 BTC moved to Coinbase Prime. The broker’s address does not carry any direct branding but the chain of transactions is clear enough to confidently talk about the movement of funds associated with the strategy into the exchange’s infrastructure.
Strategy-Linked Wallet | Source: Arkham
The analytical framework that Adler applies to both movements is identical and true. Neither transfer confirms an immediate sale. What they both confirm is a change of status – coins that were in storage mode are now in potential liquidity mode. The offer approached the order book from two separate institutional sources on the same day. Whether this supply becomes active selling or simply represents an operational repositioning, it is what the market must now absorb and answer with its price response.
Bitcoin is at a specific weekly support level
Bitcoin is trading near $73,700 on the weekly time frame, which puts the market directly into one of the most important support areas in the current session. After peaking above $120,000 in late 2025, Bitcoin entered a long correction that eventually pushed the price towards the $63,000-$66,000 demand zone, as buyers intervened aggressively during February. This defense laid the foundation for the recovery we saw throughout March and April.
Bitcoin consolidates around pivotal level | Source: BTCUSDT chart on TradingView
The chart now shows that Bitcoin is retesting the upper support area around $72,000-$74,000 after failing to maintain momentum above $80,000. This area previously acted as resistance during the recovery phase and is now being tested as support. From a market structure perspective, this is a critical moment. The bulls need to hold this level to maintain the series of higher lows that have developed since the February low.
Moving averages paint a mixed picture. The price remains below the 50-week and 100-week moving averages, confirming that the broader trend remains under pressure. However, Bitcoin continues to trade well above its bullish 200-week moving average near $61,000, suggesting that the long-term bull market structure has not yet been invalidated.
Trading volume has remained relatively moderate during the recent pullback, suggesting that no widespread capitulation is emerging. If buyers defend the current area, Bitcoin may try to push back towards the $80,000 level. However, a break below $72,000 will likely shift attention back to the key support area between $63,000 and $66,000, where the strongest demand for 2026 appeared previously.
Featured image from ChatGPT, chart from TradingView.com
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