TL;DR
- Bitcoin remains volatile, with daily realized losses of $818 million, but short-term holders (STHs) continue to accumulate, showing strong conviction in future gains.
- Network growth is strong, with 50,000 new wallets in the past month, proving that retail and institutional investors remain confident despite price swings.
- Bitcoin is trading at $90,845.96, with a 24-hour gain of 0.49% and a market capitalization of $1.8 trillion. The key resistance level is at $93,625, breaking it could push BTC toward $100,000 in the coming weeks.
Bitcoin has experienced notable volatility, with daily realized losses reaching $818 million, one of the highest levels in recent history. This suggests that many investors are selling at a loss due to market pressure and liquidations. However, short-term holders (STHs) remain resilient, continuing to accumulate BTC despite the fluctuations, anticipating a market recovery and potential future profits.
The only larger recorded loss was the yen-carry-trade unwind on August 5, 2024, which triggered a $1.34 billion sell-off. Despite this turbulence, Bitcoin’s network expansion remains strong, a key indicator of long-term adoption. Over the past month, 50,000 new wallets have been created, including 37,390 holding less than 0.1 BTC and 12,754 holding between 0.1 and 100 BTC. This increase suggests that both retail and institutional investors are still entering the market, despite high volatility and market corrections.
BTC Price Recovery and Key Resistance Levels
As of now, Bitcoin is trading at $90,845.96, with a 24-hour gain of 0.49% and a total market capitalization of $1.8 trillion. BTC is approaching a key resistance level at $93,625. If it successfully breaks this level, it could trigger a rally to $95,761 and eventually push toward $100,000, continuing the broader bull cycle.
On-chain data suggests that institutional interest remains high, with long-term holders maintaining their positions despite recent price swings. Analysts believe that Bitcoin’s price action aligns with historical post-correction rebounds, indicating a strong potential for continued upward movement. Additionally, the upcoming US Crypto Summit on March 7 could provide regulatory clarity, positively influencing market sentiment and institutional adoption.
However, if Bitcoin fails to break through $93,625, a pullback to $89,800 could occur, with $87,041 as the next major support level. A drop below this could weaken the bullish outlook, causing a longer correction before another potential leg up.
Despite short-term uncertainty, Bitcoin’s long-term fundamentals remain extremely strong. With adoption increasing, investor conviction growing, and major institutions accumulating BTC, many traders believe that once Bitcoin flips resistance into support, a new all-time high will be within reach sooner than expected.
