Two-year Bitcoin hodlers "absorbed" seller pressure in recent weeks, according to new research, but most analysts still expect new macro BTC price lows.

BTC price fell below the key $70,000 level as tensions between the US and Iran ramped up and a broad risk-asset sell-off liquidated late BTC long positions.

Bitcoin round-tripped gains after a spike to $70,000 as liquidity traps began to characterize BTC price action on the US bank holiday.

Bitcoin market analysis focused on liquidations and the wick to $59,000 for signs of the next significant BTC price move on lower time frames.