After another failed attempt at breaking the $74,000 resistance, the Bitcoin price continues to hover around the psychological $70,000 level, with very little — if any — momentum to boast of. Some analysts expect this price level to serve as a rebound point for the flagship cryptocurrency; however, data from a recent on-chain evaluation implies that the Bitcoin market might still see a final shake-off before the real move begins. Historic MVRV Z-Score Comes In Sight — What This Means For Price In a March 14 post on X, popular market analyst Ali Martinez put forward an interesting on-chain outlook on the Bitcoin price, showing the flagship cryptocurrency might soon establish a local price bottom. This hypothesis is based on readings obtained from the Bitcoin MVRV Z-Score metric. Related Reading: On-Chain Data Shows Why Bitcoin’s Next Stop Could Be At $82K For context, the MVRV Z-Score metric measures whether Bitcoin is either undervalued or overvalued by comparing its market value to it