 ▲ Bitcoin (BTC) |
Bitcoin (BTC) is under overwhelming control by buyers as it approaches a new all-time high, with the market staking everything on establishing the final support line that will determine whether the uptrend continues.
According to cryptocurrency media outlet Cointelegraph on March 12 (local time), the Bitcoin market remains dominated by buyers, and the current bullish trend is expected to persist unless the price is pushed below a specific level. Analysts noted that despite intense battles around the $70,000 mark, Bitcoin continues to form higher lows, maintaining a structurally bullish pattern. In particular, the average purchase price of short-term holders has acted as a strong downside support level, serving as a key driver supporting further gains.
Technical analysis has identified $64,800 as the critical level that will determine a potential trend reversal. If Bitcoin falls below this zone and fails to hold support, there is a high risk that the upward rally of recent months will come to an end, ushering in a full-fledged downtrend. Currently, Bitcoin is consolidating energy to break through the resistance range between $71,000 and $72,000, with buyers actively absorbing supply on every dip.
On-chain data shows that long-term holders are choosing to hold rather than sell at current price levels, effectively tightening market liquidity. Bitcoin reserves on exchanges have continued to decline, intensifying supply scarcity and contributing to faster rebounds during price pullbacks. Market participants also observed that despite a pause in institutional inflows through spot Bitcoin ETFs, renewed buying by retail investors is providing firm support at lower levels.
The overall sentiment index for the digital asset market remains in the “greed” phase, reflecting expectations of further upside. Bitcoin dominance continues to stay elevated, reinforcing its leadership before capital rotates into the altcoin market. Analysts highlighted that the current consolidation phase may represent accumulation by large whales, noting that historically such periods have often been followed by record-breaking surges.
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