Bitcoin at $70,000: When Will the BTC Decline Stop?
Bitcoin is steadily declining towards the symbolic $70,000 mark, signaling a deeper issue of waning demand rather than panic selling. On-chain data reveals a structurally bearish market: the Bull Score Index has hit zero, spot volumes are low, and institutional flows have reversed, with US spot Bitcoin ETFs becoming net sellers. The negative Coinbase premium indicates sustained disengagement from US investors, while a contraction in USDT's market cap suggests reduced fresh capital entering the ecosystem.
Technically, BTC is trading below its 365-day moving average, with key on-chain support between $60,000 and $70,000. The lack of immediate catalysts, such as Federal Reserve rate cuts, and political uncertainty further dampen sentiment. Bitcoin now behaves like a high-beta tech asset, correlating with equity market pressures. However, current data reflects an absence of buyers rather than excessive selling, potentially setting the stage for slow accumulation if prices reach long-term value zones. The end of the downturn hinges on a gradual return of liquidity and confidence, not just a technical signal.
bitcoinist02/05 10:55