5 crypto experts explain why Bitcoin is stuck at $70K

By TheStreet Roundtable

about 2 hours ago

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Bitcoin has been stuck in a frustrating range around $70,000, leaving investors to wonder if the market is simply catching its breath or if the bull run has finally run out of steam.

Industry executives say the answer is more nuanced.

Across a series of interviews with TheStreet Roundtable, leaders from BitFuFu, Ace Host, CleanSpark, Ledn and eToro identified a complex mix of profit-taking, shifting ETF flows, and macroeconomic tension as the primary reasons for the current stalemate.

The consensus, however, is clear: this is not a collapse, but a necessary period of "digestion."

A market digesting gains

Leo Lu, chairman and CEO of BitFuFu, said the current weakness is less about a broken Bitcoin thesis and more about what typically happens after a strong run.

"The strong Bitcoin market over the past two years was fueled by significant institutional capital entering the space," Lu explained. "What we're seeing now is profit-taking, which is a natural confirmation of gains triggered by rising global uncertainty."

Gary Vecchiarelli, president and CFO of CleanSpark, struck a similar chord, describing Bitcoin’s recent action as “classic post-peak digestion" after the 2025 all-time high of $126,000.

He notes that while macro headwinds like inflation and high interest rates are weighing on sentiment, on-chain data shows long-term holders are actively absorbing the dips.

“This isn't weakness; it's building a stronger base,” Vecchiarelli noted.

That base-building argument came up repeatedly in different forms. While none of the executives downplayed the pressure on Bitcoin, several said the current range looks more like consolidation than deterioration.

ETFs are supporting the market — but not in a straight line

One of the clearest themes in the responses was the role of ETF flows.

Bret Kenwell, U.S. investment analyst at eToro, pointed out that the ETF tailwind works both ways.

"The recent pullback has been a reminder of that," Kenwell said.

He added that “positive ETF inflows in March helped stabilize Bitcoin,” even as bulls continue to wait for the asset to regain firmer footing.

Joe Vita Jr., CEO of Ace Host, described this market structure as a “rebalancing phase.”

"Earlier this year, we saw a clear divergence where U.S. institutions were de-risking while global retail was trying to catch the dip."

He said Bitcoin is now digesting “regulatory uncertainty with the CLARITY Act and a massive shift in capital toward AI infrastructure.”

Vita’s description of the market was especially sharp: “We’re seeing a ‘battle of the narratives’ — institutional arbitrage and mechanical trading are currently outweighing pure ‘HODL’ sentiment, keeping us pinned in this $63k–$76k corridor.”

That helps explain why Bitcoin can still appear well-supported without being able to break decisively higher.

Macro uncertainty is still in control

If there was one area of broad agreement, it was that macro and geopolitical uncertainty are still weighing heavily on sentiments, affecting Bitcoin’s price action.

Leo Lu noted that unlike previous cycles driven by predictable dollar liquidity, this cycle is influenced by "global uncertainty and dollar liquidity volatility working in tandem."

Despite this, Mauricio Di Bartolomeo, chief sales officer and co-founder of Ledn, sees a clear divide in behavior.

“Larger institutions and businesses with longer investment horizons are taking advantage of good entry prices,” he said, while retail investors are "shedding risk" due to the heightened volatility.

That divide, he suggested, is one reason Bitcoin has spent roughly two months trading in a relatively tight range between $65,000 and $75,000.

“In terms of how this resolves, I am looking for a weekly close above $75K as a ‘breakout’ sign,” he said, while “a weekly close under $65K would likely have bitcoin re-test the $60K low set in February.” He added that “the Clarity Act could be the catalyst for the next move.”

This looks familiar — but not exactly the same

The second major question posed to each executive was how today’s market compares with previous Bitcoin stagnation periods.

Vecchiarelli pointed out that these extended sideways periods often served as "launchpads" for new highs in 2017 and 2021.

“The current price action is similar to the extended sideways periods after 2017 and 2021 peaks, but this one's milder thanks to institutional infrastructure,” he said.

Di Bartolomeo added that the pattern rhymes with the price action from exactly one year ago. On February 23, 2025, Bitcoin dropped from $92,000 to $79,000 and traded rangebound for 57 days before eventually breaking out on April 23.

Vita Jr. emphasized that the current floor is being held by institutional capital rather than "retail hope."

“In previous cycles, stagnation often felt like a slow-motion car crash, think back to 2018 or 2022,” Vita Jr. said. “This time feels different because the floor is being held by institutional ETF inflows rather than just retail hope.”

He argued that even as sentiment indices show "Extreme Fear," the billions flowing into ETFs tell a different story.

“We’re essentially watching Bitcoin mature from a speculative asset into a standardized institutional portfolio staple,” Vita Jr. said.

Kenwell took a broader behavioral view, arguing that crypto investors have been conditioned by prior drawdowns to stay patient.

“If there’s one word to describe crypto investors, it’s resilient,” Kenwell said.

“This group has lived through multiple boom-and-bust cycles, sitting through both fruitful bull markets and painful bear markets.” He added that while “drawdowns are never easy,” the prevailing mindset remains that “better days are ahead — just be patient.”

The bigger takeaway for Bitcoin bulls

The prevailing message from these industry leaders is one of resilience.

They acknowledged the drag from macro uncertainty, shifting liquidity and geopolitical risk. But they also repeatedly pointed to institutional accumulation, stronger ETF infrastructure and historical precedent as reasons not to overread the current range.

Bitcoin may be "stuck" around $70,000 for now, but most of the executives interviewed do not view that as a sign the bull case has broken. They view it as a market digesting gains, rebuilding support and waiting for the next catalyst.

Or, as CleanSpark’s Vecchiarelli put it: “This isn't weakness; it's building a stronger base.”