Bitcoin Price Analysis: BTC At $70,000 As Broad-Based Accumulation Emerges

Bitcoin (BTC) continued its weekend recovery, rising nearly 4% to reclaim the $70,000 mark as price action stabilizes after a brutal sell-off that saw the flagship cryptocurrency plunge to a low of $59,000 before rebounding. 

BTC is down over 50% from its October all-time high of $126,200. Glassnode data has revealed that Bitcoin accumulation has picked up across cohorts for the first time since late November as investors see value in the asset again. 

Bitcoin (BTC) Mining Difficulty Drops 11% 

The Bitcoin network mining difficulty fell by over 11% in the past 24 hours. The decline is the steepest drop in a single adjustment period since China’s mining ban. According to CoinWarz data, the Bitcoin Network’s mining difficulty is around 125.86 T. The data also shows that the average block time has dropped from 11 minutes to 9.47 minutes. Projections suggest Bitcoin mining difficulty will rise again during the next adjustment to 132.9 T. The adjustment comes amid an ongoing market downturn that has crashed the price of the flagship currency nearly 50% from its all-time high of $126,000.

South Korean Exchange Accidentally Gives Customers $40B Worth Of Bitcoin 

South Korean cryptocurrency exchange Bithumb has accidentally given away over $40 billion worth of Bitcoin to customers in a major error. The exchange planned to give customers a small cash reward of 2,000 won on Friday, but ended up giving each customer 2,000 Bitcoin. The platform immediately apologised for the mistake, adding that it had recovered nearly all of the mistakenly sent tokens. Bithumb restricted trading and withdrawals for the affected customers within 35 minutes of the error, stating that 99.7% of the tokens had been recovered. 

However, the exchange is not out of the woods yet. South Korea’s financial regulator held an emergency session on Saturday, adding that it will look into the incident. Bithumb plans to comply with the authorities, stating, 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) traded around the $80,000 mark at the beginning of February. However, the situation changed in a matter of days as the flagship cryptocurrency plunged to a low of $59,000 before reclaiming $70,000. 

Analysts have highlighted that the market is showing a broad shift towards accumulation across all cohorts as investors return. The accumulation comes after a bruising capitulation event that pushed prices down to multi-month and multi-year lows. The shift is visible in Glassnode’s Accumulation Trend Score. The metric measures the relative strength of accumulation across wallet sizes by factoring in the entity size and the amount of BTC accumulated over the past 15 days. 

The Accumulation Trend Score has increased to 0.68, surpassing the 0.5 threshold. This is the first time since late November that broad-based accumulation is clearly visible. Wallets holding between 10 and 100 BTC have seen the most aggressive dip buying.

Bitcoin ended the previous weekend in the red, dropping nearly 3% on Sunday to $86,561. The price recovered on Monday, rising almost 2% to cross $88,000 and settle at $88,250. Buyers retained control on Tuesday as the flagship cryptocurrency rose 0.98% to $89,116. BTC briefly crossed the $90,000 mark on Wednesday, reaching an intraday high of $90,476 before settling at $89,162. Selling pressure returned on Thursday as BTC plunged over 5% to $84,513. Buyers retained control on Friday as the price fell to $81,000 before settling at $84,110.

Source: TradingView

Selling pressure intensified on Saturday as BTC plunged below the key $80,000 mark, falling to a low of $75,644 before settling at $78,648. Price action remained bearish on Sunday as BTC fell 2.24% to $76,895. The current week started with BTC falling to $74,502, its lowest level since April 2025. The price recovered to reclaim the $78,000 mark and settled at $78,666. Selling pressure returned on Tuesday as BTC plunged to a low of $72,859 before settling at $75,661. Sellers retained control on Wednesday as the price fell 3.52% to $72,998. Selling pressure intensified on Thursday as BTC plunged nearly 14% to $62,791. The price dropped to a low of $60,000 on Friday as selling pressure peaked. However, it rebounded from this level, rising over 12% to reclaim $70,000. Volatility returned on Saturday as BTC fell nearly 2% to $69,244. The price is up over 2% during the ongoing session, trading around $70,910.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.