Bitcoin (BTC) It has faced a decline of more than 4% in the last 24 hours, revisiting the support zone between $62,000 and $61,000. Despite stabilizing around $63,000 early in the New York trading session, the resilience of long-term holders has provided some stability amid the market turmoil.
Accumulation trends and investor sentiment
Santiment’s recent analysis of on-chain data shows a significant accumulation trend among BTC holders. Addresses holding between 1,000 and 10,000 coins have accumulated approximately 80,544 units since March 1. Likewise, wallets holding 10,000 to 100,000 coins accumulated nearly 92,000 units over the same period, reflecting bullish sentiment among large investors.
Factors driving bearish sentiment
BTC Halving Volatility
fourthly Bitcoin halving is just a few days away, trading volume surged more than 10% to approximately $46.7 billion. This increase coincides with a growing preference for stablecoins, with Tether's USDT supply increasing by more than $1 billion in the last 24 hours. The impending halving has led to increased volatility, causing liquidation of both long and short traders.
geopolitical tensions
Bitcoin's price movements closely mirror those of major global stock indices, especially amid heightened geopolitical tensions in the Middle East. Iran's recent drone and missile attacks on Israel have added to market uncertainty, causing investors to adopt a cautious approach.
Bitcoin price future outlook
Crypto analyst Ali Martinez highlights that Bitcoin has been consolidating within the $61,000-$72,400 range in recent weeks. Martinez suggests that a breakout of this channel could lead to significant price movements. On the bullish side, Bitcoin could surge to levels between $79,000 and $86,000, while on the bearish side, support could be found between $51,600 and $56,200.
