• Bitcoin price falls below $70,000 as network activity weakens.
• Declining transactions and addresses signal lower demand.
• Key support is at $69,400, while resistance stands near $71,600.

Bitcoin price today hit a daily low of $69,914.54 after soaring above $71,000 at the start of the week, following news of a truce proposal to Iran by US President Donald Trump.

The sudden pullback has pushed Bitcoin back below the $70,000 level, a psychological zone that traders often watch closely for signs of strength or weakness.

This decline did not happen in isolation, as the underlying data suggests that the broader network is also losing momentum.

Bitcoin Network Activity signals weakening demand

Recent on-chain data shows that Bitcoin’s Network Activity Index continues to trend downward, pointing to a steady cooling in user participation.

This index tracks a combination of key metrics that together reveal how actively the network is being used daily.

Among these metrics are active addresses, which measure how many unique participants are sending or receiving Bitcoin.

A decline in active addresses often signals reduced interest or engagement from both retail users and larger players.

Transaction counts have also softened, indicating that fewer transfers are taking place across the network.

This drop in transaction activity suggests that demand for block space is easing, which usually aligns with quieter market conditions.

Another important indicator, the UTXO count, reflects how coins are being distributed and reused, and its slowdown points to less frequent movement of funds.

Block data, including the number of bytes per block, further confirms that network usage is not as intense as it was during more active periods.

On-chain activity is still cooling off

Bitcoin’s CryptoQuant Network Activity Index keeps declining, pointing to weaker demand across the network.

Key indicators tracked:
• Active addresses (sending + receiving)
• Transactions (total & per block)
• UTXO count
• Bytes per… pic.twitter.com/U4aSKjz2Pk

— Maartunn (@JA_Maartun) March 24, 2026

Taken together, these signals paint a clear picture of declining demand rather than temporary disruption.

The BTC price struggles mirror on-chain weakness

The recent dip below $70,000 appears to be more than just a reaction to short-term news or macro headlines.

Instead, it reflects a broader lack of strong buying pressure needed to sustain higher price levels.

Even though Bitcoin managed to climb earlier in the week, the rally lacked the support of rising network activity.

This disconnect between price and usage often leads to corrections, as the market struggles to justify higher valuations.

Short-term performance data also shows mild losses across multiple timeframes, reinforcing the idea that momentum is fading.

While the market has not entered a sharp sell-off, the gradual decline suggests a slow shift in sentiment.

Investors seem to be taking a more cautious approach, with fewer participants actively entering the market.

At the same time, existing holders appear less willing to move their coins, contributing to the drop in transactional activity.

The key Bitcoin price levels to watch in the coming days

Bitcoin is now approaching a critical zone where price action in the coming days could define its short-term direction.

Notably, most technical indicators are leaning bearish, with Bitcoin trading below major exponential moving averages on the daily chart.

This positioning suggests that the broader trend remains under pressure unless the price can reclaim key moving averages.

Currently, the most important level to watch is $69,423, which now acts as immediate support for the market.

If this support holds, it could allow Bitcoin to regain strength and attempt a push toward the first major resistance at $71,645.

If buyers manage to break above $71,645, momentum may build toward the next resistance level at $73,687.

A stronger rally could then open the door for a test of $75,930, which stands as the third key resistance level in the current structure.

On the downside, failure to hold above $69,423 would weaken the current structure and expose Bitcoin to further losses.

In that scenario, analysts note that the next support would be $67,167.

The news to watch

From a macro perspective, traders should closely watch the upcoming inflation data, particularly the PCE print expected early next month.

A softer reading below 2.8% could support risk assets and provide Bitcoin with a chance to recover.

On the other hand, a higher-than-expected figure above 3% may add pressure and push prices lower.

Bitcoin price started a recovery wave from $68,000. BTC is now back above $70,000 and might struggle to continue higher in the near term.

• Bitcoin started a decent recovery wave above $69,500 and $70,000.
• The price is trading above $70,000 and the 100 hourly simple moving average.
• There was a break above a bearish trend line with resistance at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might start another decline if it stays below the $71,500 and $72,000 levels.

Bitcoin Price Attempts Recovery

Bitcoin price found support near the $67,500 zone and recently started a recovery wave. BTC climbed above the $68,800 and $69,500 resistance levels.

There was a break above a bearish trend line with resistance at $69,500 on the hourly chart of the BTC/USD pair. The bulls were able to push the price above the 38.2% Fib retracement level of the downward move from the $75,999 swing high to the $67,343 low.

However, the price faced resistance near the $71,500 zone and the 50% Fib retracement level of the downward move from the $75,999 swing high to the $67,343 low. Bitcoin is now trading above $70,000 and the 100 hourly simple moving average.

If the price remains stable above $70,000, it could attempt a fresh increase. Immediate resistance is near the $71,650 level. The first key resistance is near the $72,000 level. A close above the $72,000 resistance might send the price further higher.

In the stated case, the price could rise and test the $73,500 resistance. Any more gains might send the price toward the $74,200 level. The next barrier for the bulls could be $75,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $71,650 resistance zone, it could start another decline. Immediate support is near the $70,000 level. The first major support is near the $69,350 level.

The next support is now near the $68,950 zone. Any more losses might send the price toward the $68,000 support in the near term. The main support now sits at $67,500, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $68,950, followed by $68,000.

Major Resistance Levels – $71,650 and $72,000.