It was another week of uncertain movement in the price of Bitcoin as global financial markets moved erratically due to ongoing tensions in the Middle East. The top cryptocurrency has struggled to survive after hitting a hurdle at the $69,000 resistance level earlier this week. Bitcoin price may have already reached bottom, according to the latest on-chain data.
Will the BTC accumulation period resume soon?
Joao Wedson, co-founder and CEO of Alphractal, said in an April 3 post on social media platform These on-chain observations are based on the RVTS (realized value/volume) ratio, which tracks the relationship between market capitalization and the adjusted economic value of the network.
According to Wedson, an increase in the value of this indicator could lead to an increase in the realized value of the flagship cryptocurrency. At the same time, an increase in the RVTS rate can also signal a decrease in activity or trading volume on the Bitcoin network.
Highlighting data from Alphractal, the cryptocurrency founder shared that the RVTS rate has reached an all-time high and could potentially represent the lowest network utilization in the history of the leading cryptocurrency.
Source: @joao_wedson on X
Wedson wrote to X:
In previous cycles, these extremes have been seen near cycle troughs or areas of low participation, where volume collapses and the network becomes “silent.” This pattern is consistent around major cycle troughs (2012, 2015, 2019, 2022) and regional troughs within the broader structure, as indicators rise, scaled economies decline, network usage weakens, and denominators collapse.
According to the Alphractal CEO, this record level of the RVTS rate indicates less overvaluation and more structural indifference in the Bitcoin market, which is increasingly being manipulated by liquidity and derivatives. From a historical perspective, this signal often precedes periods of accumulation and reassessment.
Essentially, this record RVTS rate level could be the bright spark of optimism Bitcoin price needs to begin a rebound. Conversation has heightened around a potential bottom for the market leader as it continues to oscillate within the $65,000 – $70,000 consolidation range.
Bitcoin price at a glance
As of this writing, the BTC price is around $66,880, with no significant changes over the past 24 hours. The market leader is down from a weekly high of $69,000, but is still in a better position (up almost 2%) than seven days ago.
The price of BTC on the daily timeframe | Source: BTC chart on TradingView
Featured image from iStock, chart from TradingView
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