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Bitcoin hovered close to the $70,000 level on Monday, showing signs of stability after weeks of volatility, as the Coinbase Premium Index turned positive for the first time in nearly a month. The move signals renewed interest from U.S-based investors and has drawn attention to the BTC to PKR rate, which remained firm amid cautious market sentiment.
BTC was trading around $70,593, translating to a strong BTC to PKR value despite broader risk-off behavior across crypto markets. Analysts described the price action as calm and range-bound, a notable shift after recent sharp swings.
After heavy selling pressure earlier this year, Bitcoin has entered what traders call a “wait-and-see” phase. According to TradingView data, intraday volatility dropped significantly following the U.S. market open, suggesting sellers have stepped back for now.
Crypto analyst StefanB noted that Bitcoin is currently playing a “range game,” with price moving between key Fibonacci levels. He explained that such behavior often follows periods of intense volatility, allowing liquidity to rebuild before the next major move.
Another trader, CW, highlighted the lack of sell orders during the U.S. session, saying,
“Buy orders for Bitcoin are forming strongly, while downward pressure has disappeared.”
The Coinbase Premium Index, which compares Bitcoin prices on Coinbase and Binance, briefly moved into positive territory over the weekend. Data from CryptoQuant shows this was the first green spike since mid-January, indicating renewed buying interest from U.S. investors.
On Binance, on-chain data revealed aggressive accumulation by large holders. CryptoQuant contributor CryptoOnChain described the trend as “accumulation during capitulation,” noting that whales are withdrawing BTC from exchanges at a rapid pace. The two-week average of Bitcoin outflows per transaction jumped to 13.3 BTC, more than double late-January levels.
Despite these positive signals, analysts remain cautious. Glassnode reported that crypto markets are still defensive overall, with compressed profitability and elevated hedging activity. While selling pressure appears to be easing, a sustained recovery will likely require stronger spot demand.
For now, Bitcoin’s ability to hold above $70,000 is seen as a key support level, especially for traders tracking BTC to PKR, as stability in dollar terms often translates into steadier local pricing.
