According to IntoTheBlock data, about 7 million addresses bought Bitcoin in the range of $61,700 to $70,500. Since a large number of traders are losing money in this price range, every time the price of Bitcoin approaches this level, it will face continuous selling pressure, and many investors will seek to break even. This is why it is difficult for Bitcoin to set a new high. Only strong momentum can break through this trend and reach a new high.