Why would a monitor hide in a hole? Even if it's only 70 degrees in the hole, that is not low enough to disable a monitor to the point that he/she cannot reach heat. I would say it's more likely that the monitor is driven into its burrow because the weather conditions are not favorable for hunting and food consumption.
If you think about how the monitors operate in nature, they come out when conditions are favorable. They do not come out and lounge around all day in order to get their temps up and digest food. They need the basking temps to be quite hot in order to warrant risking their lives for any amount of time. If the basking temps were in the 140f range, the monitor may exhibit more natural behavior of leaving its burrow to eat and bask (though not for long). My theory is basically that you are creating a shady day (comparably) for the monitor, so he is waiting for the weather to change (his basking spot becoming hotter) before he risks his life to leave the safety of his burrow.
Also, you should never remove an animal from its hiding spot unless it's an emergency. That destroys the animal's sense of security and then the animal will hide even more. I work mostly with tortoises and see it all the time with new tortoise owners. When the tortoise stays hidden for a couple of days they start to panic and start dragging the tortoise out of his hiding spot so he can eat (as if a couple days without food would hurt a tortoise). Then, in turn, the tortoise spends more time hidden. In general if you leave the animal alone and focus on giving it good resources (high basking temps, good food sources, good dirt) it will start to lose its shyness. I have definitely been guilty of the 'dragging the reptile out of its hide' thing, so I know the temptation is so hard to resist!
Good luck and I hope that with a couple minor changes to the environment your monitor will start to show its face again! Got any pics of the new habitat?