Analysis from CryptoQuant projects the potential for further weakening in Bitcoin (BTC). In its latest analysis, it is mentioned that BTC has the chance to drop towards the $70,000 area, as market demand has weakened in recent times.

This pressure is considered to deepen if key levels fail to hold. Historically, the bottom of Bitcoin's bear market often aligns with the realized price, which is currently around $56,000. Meanwhile, the $70K area is seen as a crucial medium support.

Since early October, institutional interest and large investor interest have significantly declined. One of the triggers is the Bitcoin ETF transitioning into a distribution phase (net selling), in contrast to the strong accumulation that occurred in the fourth quarter of 2024.

On-chain data also shows a decrease in ownership of about 24,000 BTC, reinforcing indications that major players are currently favoring defensive strategies over aggressive ones.

If $70K fails to hold, the market may be forced to seek a new equilibrium at lower levels.

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