Bitcoin Stagnates Near $70K, Sentiment Weakens

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The concern isn't a sharp BTC drop, but the slower erosion of conviction that comes from watching an asset go nowhere week after week.

Bitcoin (BTC) briefly touched $70,000 on April 6, according to data from CoinGecko, then almost immediately fell back, leaving traders right where they have been for the last two months.

Analyst Scott Melker has explained why that kind of stagnation can do more damage than a sharp drop ever could.

The Sideways Trap

Melker, known on X as The Wolf of All Streets, traced the current malaise to a low of $62,353 on February 5, after which, according to him, nothing much has happened.

“At 60 days, we’re barely getting started,” he wrote, warning that “this could stretch another 100 days, or resolve lower and reset the entire process.”

The trader’s worry is not a crash. It is something harder to defend against: the quiet erosion of conviction that comes from watching an asset go nowhere week after week. He reached back to three periods that played out the same way.

The first instance occurred after BTC’s 2019 run to $14,000, with the cryptocurrency bleeding lower for 161 days, pulling buyers in on each recovery only to disappoint them again. Then, after the Luna collapse in 2022, Bitcoin just sat there near $18,000 to $22,000 for nearly five months, not crashing, not recovering, not doing much of anything.

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