Bitcoin is trading near $69,900, entering an accumulation zone after five consecutive negative monthly closes. Long-term holders are absorbing supply, treating prices below $70,000 as discounted. The broader market shows weakness, with over 80% of altcoins trending bearishly, which is rotating liquidity into Bitcoin.
Bitcoin was pressing into a buy valuation corridor along its logarithmic growth curve, trading near $69,900. This positioning followed five consecutive negative monthly closes, a pattern seen only in 2011 and 2018.
Long-term holders and large wallets have steadily withdrawn coins from exchanges. Their bids treat sub-$70,000 pricing as discounted relative to the long-term growth channel.
Broad altcoin deterioration coincided with Bitcoin’s decline, with over 80% of tokens trending bearishly. This systemic weakness releases liquidity, which then rotates defensively into Bitcoin.
Market reaction reflected cautious stabilization as derivatives leverage thinned, reducing forced selling pressure. Spot demand continued to layer bids within the accumulation bands, keeping price structurally supported.
The cryptocurrency’s price peaked at around $126,000 in October 2025 and has since seen a 46–47% drawdown. This decline remains materially milder than prior bear extremes of 80–85%.
The MVRV Z-Score has been hovering between 0.39 and 0.43, entering historically undervalued territory. Lower wicks on price charts reflect defensive demand, suggesting absorption rather than cascading sell-offs.
Exchange outflows have held firm as the price moved into the green-blue value zone. A major withdrawal in early February occurred near the “BUY” support area, signaling coins moved to long-term storage.
The cooldown in derivatives exposure, paired with sustained withdrawals, points to institutional endurance. This interplay keeps price structurally supported, even as macro sentiment remains fragile.
