Bitcoin (BTC) price has fallen over 4% in the past 24 hours, retesting the support range between $62,000 and $61,000. The flagship coin stabilized at around $63,000 in the early New York session as long-term holders remained steadfast.
Bitcoin addresses holding between 1,000 and 10,000 coins have accumulated 80,544 units since March 1, according to on-chain data analysis provided by Santiment. Notably, Bitcoin addresses holding between 10,000 and 100,000 wallets have accumulated nearly 92,000 units since early March.
The main reasons why Bitcoin bears reign supreme
BTC volatility halved
With about four days left until Bitcoin's fourth halving, overall trading volume increased by more than 10% to about $46.7 billion. Tether’s USDT supply has increased by more than 1 billion in the past 24 hours as more crypto traders continue to take refuge in the stablecoin market.
After nearing the top of the micro-consolidation, Bitcoin price stopped-hunting both long and short traders, increasing overall liquidations.
geopolitical tensions
After Iran's drone and missile attacks on Israel escalated the Middle East crisis, Bitcoin prices roughly tracked the world's major stock indexes. Investors have chosen to sit on the sidelines and watch the geopolitical crisis unfold.
The situation was already worsening due to the ongoing Russia-Ukraine war.
What’s next for BTC price?
According to popular cryptocurrency analyst Ali Martinez, the price of Bitcoin has stabilized between $61,000 and $72,400 over the past few weeks. As a result, cryptocurrency analysts noted that a breakout on either side could result in a big move.
On the upside, cryptocurrency analysts expect Bitcoin prices to reach a range of $79,000 to $86,000. On the downside, crypto analysts believe that Bitcoin price has solid support levels between $51,600 and $56,200.
