Bitcoins KEY metric hits 2024 lows as BTC eyes $70K - Caution ahead?

Bitcoin

Bitcoins KEY metric hits 2024 lows as BTC eyes $70K – Caution ahead？

Bitcoins spot volume hit 2024 lows

The analyst warned that February 2026 is on track to close as the month with the lowest trading volume since 2024.

Source: CryptoQuant

Source: Checkonchain

Such a massive drop indicates a market in a cautious phase, with investors preserving capital and awaiting suitable conditions to deploy.

Often, when spot volume falls, speculators shift to futures, helping the market maintain momentum. However, current market conditions differ, as spot and futures volumes have dropped in tandem.

Source: Checkonchain

According to Checkonchain data, Aggregate Futures Volume fell from $123 billion to $65 billion, a $58 billion decline. This decline indicates reduced risk appetite and risk-averse sentiment in the market.

Whats next for BTC？

Bitcoin has shown sustained weakness as investors across the market have taken a step back, awaiting suitable market conditions.

As such, the market remains structurally weak, and bearish sentiment has dominated. In the short term, however, Bitcoin showed recovering bullish sentiment.

For that reason, Stochastic RSI made a bullish crossover and climbed to 75, at press time, reflecting the strengthening upside momentum. At the same time, BTC jumped above its short-term Moving Averages (9- and 21-day MAs), validating the short-term uptrend.

Source: TradingView

When these two momentum indicators flash bullish, it signals the likelihood of trend continuation in the short term. Thus, if the demand recently observed holds, BTC will flip $70k and target $73,700.

However, if the momentum fades as quickly as it emerged, BTC will breach the $66k support, with $65,157 as the critical support level.