Bitcoin slipped into a historically depressed Mayer Multiple Z Score band while liquidity data showed a large order cluster stacked at $71,500 to $74,000. Together, the charts point to a market grinding through pressure below while a clear overhead target zone forms above price.
Mayer Multiple Z Score dips toward historic bear zone as Bitcoin slides
Bitcoin moved back into a historically depressed valuation band on the Mayer Multiple Z Score chart, according to a graphic shared on X by Marcus Corvinus, who posts as @CryptoBull009. The chart tracks Bitcoin’s dollar price since 2012 and highlights periods when the Mayer Multiple Z Score falls below minus 0.9, a level that has appeared during several major drawdowns.
Bitcoin USD Mayer Multiple Z Score. Source: Marcus Corvinus via X
The blue price line shows Bitcoin pulling back from its recent range near the $70,000 area and sliding toward the mid $50,000s, while the green shading shows the indicator pressing into the “Z Score below minus 0.9” zone. Earlier stretches of that shaded band clustered around downturns in 2014 to 2015, late 2018, the March 2020 shock, and the 2022 bear market period.
Corvinus framed the current reading as one of Bitcoin’s “deepest bear market zones,” and said such phases often bring extended, uneven trading that can wear on sentiment. He argued that turning points typically begin with stabilization rather than a fast rebound, and he described the period as one where stronger holders build positions while broader confidence stays weak.
The Mayer Multiple measures Bitcoin’s price relative to its 200 day moving average, and the Z Score expresses how far that relationship sits from its longer term norm. As a result, a deeply negative Z Score signals that price has dropped far below its typical range versus the long term trend, even though it does not set a timetable for when volatility eases or when price changes direction.
Liquidity heatmap shows heavy resting orders near $71,500 to $74,000 as Bitcoin rebounds
A liquidity heatmap shared on X by trader Killa, who posts as @KillaXBT, showed a dense cluster of resting liquidity between roughly $71,500 and $74,000 across major venues including Binance, Bybit, and Bitmex. The visualization, based on recent five minute data over a three day window, places the brightest concentration of orders just above the current trading range, while thinner bands appear below price.
Bitcoin Liquidity Heatmap 5 Minute. Source: Hyblock Capital via X
The chart shows Bitcoin sliding from the high $70,000s toward the low $60,000s before rebounding into the upper $60,000s and near $70,000. As price moved lower, horizontal liquidity bands accumulated overhead in the low to mid $70,000s, indicating a large volume of pending orders sitting above spot. At the same time, thinner liquidity layers formed below, near the low $60,000s, following the sharp drawdown and partial recovery.
Killa said the size of the liquidity stack in the $71,500 to $74,000 area stands out given current risk aversion across the market. He added that prior ranges formed after similar drawdowns, and the current structure shows price rotating between recent lows and the overhead liquidity pocket rather than moving in a straight line. The heatmap does not set direction, yet it highlights where large pools of orders sit, which can shape short term price movement as Bitcoin trades into those zones.
Source: https://coinpaper.com/14375/bitcoin-price-prediction-bear-zone-alert-near-74-k-orders
