Bitcoin Retreats From $74,000 Resistance As On-Chain Metrics Signal Structural Bottom Still Distant

Bitcoin climbed 4% on Friday to retest the $74,000 resistance level before pulling back to around $72,215 near the top of its consolidation range. According to analyst Sunny Mom, on-chain indicators such as the 6–12 month holder cohort's losses, an MVRV ratio near 1.2, and a low long-term holder share of Realized Cap suggest the market remains in a stress phase without a firm structural bottom. She outlines scenarios from a sharp capitulation drop to an extended trading band between $60,000 and $80,000, with volatility expected inside the $60,000 to $70,000 zone.