The drop also sliced through the 1.618 Fibonacci extension (~$101,500), a level that acted as a springboard during previous bull cycles but is now behaving as resistance.
With momentum firmly tilted downward and RSI slipping toward oversold territory, BTC’s next major magnet sits near the 1.0 Fib retracement around $68,700.
This region previously served as the macro breakout point in late 2024, making it a logical downside target if sellers maintain control.
BTC MVRV Metrics Points At $75,700
Bitcoin has also slipped beneath its MVRV Mean pricing band (~$98,600), a level that historically differentiates healthy bull trends from mid-cycle exhaustion.
According to Glassnode’s MVRV deviation structure, BTC had held above the mean since early 2023, using it as a dynamic support zone throughout the ETF-driven rally and the first half of 2025.