MVRV Z-Score suggests Bitcoin drops further before bottoming
Bitcoin stalls near $70k after another $74k rejection. On-chain MVRV Z-Score hints at a possible local bottom ahead, but the signal is not there yet.
Some analysts see $70k as a rebound area for Bitcoin. The view is outlined by NewsBTC’s mid-term read on cost basis and support here.
On March 14, analyst Ali Martinez shared an MVRV Z-Score setup on X. He notes that rebounds followed when the Z-Score touched -0.262 in past cycles. Those cases were 2015, 2019, and 2022. Source is his post on X.
The Z-Score sits near 0.469 now. The -0.262 level is still below. A further dip can come first.
Past cycles did not flip fast. Bitcoin based for weeks or months before the move, per MVRV history. NewsBTC’s cycle context is here.
Price snapshot: BTC trades around $71,480. Up over 1% in 24 hours. Up more than 6% week over week.
- $74,000 remains near-term resistance.
- $70,000 is the key psychological level.
- MVRV Z-Score now near 0.469.
- Historic bottom signal was -0.262.
- Prior lows: 2015, 2019, 2022.
