BTC Rejected at $70K Again: The Massive ‘Obstacle’ Holding Bitcoin’s Price Down

Bitcoin’s price went through some intense volatility in the past week or so, especially since the attacks between Israel and the USA on one side, and Iran, on the other began on Saturday morning. Within this timeframe, the asset tried to reclaim the coveted $70,000 level on a couple of occasions, but to no avail.

The last such example was on Monday when it skyrocketed by $5,000 in minutes, going from $65,200 to $70,150. However, the bears intercepted the move and pushed the cryptocurrency to under $66,400.

Although it has recovered some ground and is close to $69,000 as of press time, popular analyst CW believes there’s a massive obstacle in its path.

Citing data from Coinglass, they indicated that bitcoin whales are forming sell orders at just over the current levels, which is “holding down the price.” Bitcoin could move higher “when these sell orders disappear,” they added.

Fellow analyst Ali Martinez also weighed in on BTC’s recent performance, and more specifically on its expected bottom during this bear cycle. He noted that the asset has historically bottomed somewhere between the 1.0 and 0.8 MVRV Pricing Bands.

The Market Value to Realized Value Metric is calculated by dividing the former by the latter. Higher levels typically mean that the underlying asset could be overvalued, and vice versa.

If history is any indication, bitcoin’s bottom might not be in yet. Instead, Martinez’s graph shows that it could be somewhere between $43,600 and $54,500.

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