Bitcoin Rangebound At $70K While Macro Cracks Deepen – Why Analyst Says It’s Too Early To Call A Bottom

Bitcoin remains rangebound around $70k despite macro headwinds including Middle East tensions and geopolitical uncertainty. CryptoQuant analysts suggest it's too early to call a market bottom as key cycle indicators haven't reached typical bear market low levels.

• →Bitcoin is consolidating around $70k with flows showing accumulation rather than selling pressure.
• →Key cycle indicators like MVRV and NUPL haven't reached washed-out levels typical of major bear market bottoms.
• →Around half of Bitcoin supply remains in profit, while past bottoms occurred when this fell to 45-50%.
• →Options markets show mild contango and positive carry, consistent with consolidation rather than volatility shock.
• →Bitcoin is being treated as a hybrid macro hedge and high-beta asset amid shifting institutional capital flows.