The pioneer cryptocurrency Bitcoin remained silent on Saturday, March 4th, as its price traded around $67,000. Such low volatility trading is common over the weekend, as institutional investors from traditional markets are offline. However, the latest on-chain data indicate that Bitcoin’s network utilization has plunged to its level since recorded, which analysts predict as a potential signal for market bottoming. Is Bitcoin price ready to reclaim the $70,000 mark?
$BTC Network Usage Drops to Historic Lows as RVTS Ratio Peaks
The recent monitoring of the Bitcoin blockchain information has noted the 28-day ratio of RVTS to be the highest since its inception in tracking. The ratio of the market value of the cryptocurrency to its adjusted economic volume, the metric, is on the rise, which indicates a significant decline in the flow of value in the network nodes.
This trend translates to the least active time of ledger usage in the history of the asset. The reason behind this is the fact that the adjusted volume figures were significantly reduced, on which the calculation is based.
History of previous Bitcoin cycles indicates that the same ratio peaks were realized in and around the cycle troughs of 2012, 2015, 2019 and 2022. Similar indications were also evident in the local lows within long bull or bear complexes.
The phenomenon is observed in the context of a trading ecosystem that has been dominated by derivative markets and liquidity injection mechanisms, as opposed to the conventional base-layer movements. These volume changes have accordingly reduced network participation.
Bitcoin Price 6% short for challenging Major resistance
Over the past two months, the Bitcoin price showcased a slow yet steady recovery from $59,930 to current trading value of $67,410, registering a gain of 12.6%. Along with price action, the momentum indicator relative strength index (RSI) showed a surge to 45%, suggesting a slow down in correction momentum.
Despite the boost recorded in the daily RSI slope, the corresponding price action remains low, indicating failed attempts from buyers. Interestingly, the recent upswing in price is marked as a fresh bull cycle within the formation of a falling channel pattern in daily charts.
Since August 2025, the coin price has been resonating actively within two descending trendlines, which act as dynamic resistance and support against buyers. Currently trading at $67,270, Bitcoin price is just 5.3% away from challenging the residence trendline of the channel pattern. The potential retest could act as a pivot level to decide $BTC’s near term trajectory.
If the sellers continue to defend this dynamic resistance, the coin price could revert lower and head for nearby support at $62,500, followed by $57,500.
On the contrary, a bullish breakout from the pattern’s resistance trendline will renew the recovery momentum and push Bitcoin price above $70,000.
