The post Short-term profit-taking pushes Bitcoin back below key $70K level – What next? appeared on BitcoinEthereumNews.com.

Bitcoin [BTC] rallied as high as $74,050 on Wednesday, 04 March. However, it fell below the $70k support in the past 24 hours of trading. The move underscored that aggressive selling pressure, which drove BTC to $60k in February, has cooled slightly, but a broader market recovery was not yet in sight. AMBCrypto reported that the Bull Score Index was near 10, signaling weak market sentiment. The Coinbase Premium Index, which had risen into positive territory in recent days, reverted to negative territory too. Weak participants and sentiment hinted at limited conviction in the rally. This means that the current Bitcoin retracement could extend further south. Hence, the question is – How much further, and how soon? Bitcoin under pressure yet again Source: Axel Adler Jr on X In a post on X, crypto analyst Axel Adler Jr noted that selling pressure from long-term holders might be on the rise once again. Long-term holders are defined as the cohort of Bitcoin holders who have held their supply without moving it for at least 155 days. Source: Axel Adler Jr on X At the same time, long-term holders remained profitable on average despite the 46% price drawdown since October. At the previous cycle’s bottom, long-term holders faced high losses as prices fell below their average cost basis. At the time of writing, this cost basis was at $39.8k. And, a major price drop towards this level is still likely later in 2026. The argument for a Bitcoin rally towards $83k Source: Santiment Expect the volatility to remain high over the next month or two. The 30-day MVRV ratio reached local highs, showing that 30-day holders were, on average, nearly 8% in profits. Given the news developments recently, profit-taking might be entirely reasonable. The 90-day and 180-day MVRV ratios were more interesting…

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Filed under: News - @ March 7, 2026 8:09 am