Bitcoin Falls Below 70000 Heres Why Holders Shouldnt Lose Hope

Coin World Report:
Bitcoin Maintains Momentum, Despite Falling Below $70,000
Insights using the MVRV indicator suggest a potential surge
After several attempts to break through the $70,000 mark,
Bitcoin
has once again fallen below this resistance level. This highlights the potential challenges of maintaining an upward trajectory on the charts.
At the time of writing, the cryptocurrency is trading at $68,581, with a slight increase of 0.3% in the past 24 hours. This suggests that additional market forces may be required to solidify a long-term trend above $70,000.
Behind the recent price movements of cryptocurrencies, CryptoQuant analyst CoinLupin shared
insights
into Bitcoin’s MVRV (Market Value to Realized Value) cycle. According to the analyst,
“As we approach the key events of November, the MVRV ratio provides a traditional analytical method to evaluate Bitcoin’s value amidst broader market factors.”
As of press time, the MVRV ratio is about 2, indicating that Bitcoin’s market value is twice its on-chain value estimate. CoinLupin did not solely focus on the current value of MVRV but highlighted this trend through the use of tools such as MVRV’s 365-day Bollinger bands and four-year averages to better understand Bitcoin’s cycles.
At the time of writing, the MVRV ratio has already exceeded the average level for the year—this suggests that, despite the trend continuing to develop northwards, there is still potential for higher cyclical peaks.
Long-term Price Indicators and Future Targets
According to the analyst, the MVRV levels at the time of news release indicate a sustained upward trajectory but have not yet reached historical peak levels. On the MVRV scale, this is typically between 3 and 3.6.
Assuming the realized value remains stable, the analyst estimates that BTC needs to rise by 43-77% to reach price targets of $95,000 to $120,000;
He also noted that rising market interest and buying momentum could drive up the realized value—suggesting that future peaks may exceed these levels based on previous cycles.
In addition to MVRV, CoinLupin emphasized Bitcoin’s significant rise over the past year. However, it has only recently approached the average level of the MVRV indicator,
maintaining positive momentum.
Examining Key Bitcoin Indicators and Market Interest
A closer examination of its on-chain indicators provides further insight into Bitcoin’s sustained performance. For instance, retail interest as represented by active addresses
data
According to Glassnode, this indicator has remained relatively stable since August.
Despite recent price fluctuations of Bitcoin, the number of active addresses has remained within a certain range. In recent months, it has fluctuated between 870,000 and 546,000 active addresses.
This stable activity may indicate that while there is interest in BTC, new retail participation may be limited. A lack of strong directional movement in active addresses could mean that while existing users remain engaged, a large influx of new participants has not yet materialized. This may be necessary for BTC to establish a more solid upward trajectory.
Furthermore, studying whale transactions—a key indicator of the behavior of large holders—provides another perspective on Bitcoin’s potential.
Data from
IntoTheBlock
revealed that Bitcoin’s whale transactions recently peaked at 24,070 transactions on October 29, then dropped to 13,300 transactions on November 3.
The decline in large transactions suggests a temporary reduction in whale activity, which could impact Bitcoin’s short-term momentum. A decrease in whale transaction volume may indicate that larger holders are temporarily halting buying and selling activities. This, in turn, could lead to a cooling of Bitcoin’s price movements.
If whale activity climbs again, it could serve as a
boost to Bitcoin’s price,
potentially aiding the asset in breaking through key resistance levels.