Bitcoin slipped back under $70,000 on Thursday, hitting an intraday low of $69,914.54 after climbing above $71,000 earlier in the week on headlines that U.S. President Donald Trump proposed a truce to Iran. The pullback has pushed BTC out of a psychological price zone traders watch closely, and on-chain data suggests the weakness may be more than a short-lived correction.
On-chain metrics point to cooling demand
CryptoQuant’s Network Activity Index has been trending lower, indicating a broad slowdown in daily network use. That index bundles several on-chain signals that together measure how actively Bitcoin is being moved and used:
- Active addresses (sending + receiving) — declining, signaling less participation from retail and larger players
- Transaction counts (total and per block) — softening, implying reduced demand for block space
- UTXO count — slowing, pointing to fewer coin movements and reuse
- Bytes per block — down, showing blocks are carrying less data than in busier periods
Crypto analyst Maartunn flagged the persistent drop on March 24, 2026, underscoring the trend toward weaker on-chain demand rather than a one-off disruption.
Price action reflects on-chain fatigue
The break below $70k looks tied to a lack of sustained buying pressure, not just short-term news flow. Earlier gains this week weren’t supported by rising network activity—this disconnect between price and usage often precedes corrections. Short-term performance shows mild losses across multiple timeframes rather than a sudden crash, suggesting a gradual loss of momentum and more cautious investor behavior. Many holders are moving less, which contributes to lower transactional volume.
Key technical levels to watch
Technicals are tilted toward bearish on the daily chart, with Bitcoin trading below several major exponential moving averages. Important price levels to monitor:
- Immediate support: $69,423 — now a key line in the sand
- First resistance: $71,645 — a reclaim could restore short-term momentum
- Next resistances: $73,687, then $75,930 — targets if buyers regain control
- Deeper downside support: $67,167 — the next buffer if $69,423 fails
Macro events could tip the balance
Traders will be watching upcoming U.S. inflation data, particularly the PCE print early next month. A softer PCE reading below 2.8% would likely be friendly to risk assets and could give Bitcoin room to recover. Conversely, a print above 3% could add downward pressure and exacerbate the current pullback.
Bottom line
Bitcoin’s retreat below $70,000 is occurring alongside a measurable cooling in on-chain activity, suggesting the dip reflects declining demand rather than just noise. The path forward will depend on whether buyers defend $69,423 and how macro data — especially the next PCE reading — shapes broader risk appetite.
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