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Bitcoin’s price has been stuck in a narrow range since March 9, unable to break past the $84,000 resistance level. Data from Cointelegraph Markets Pro and Bitstamp shows BTC trading between $78,599 and $84,000, reflecting broader market uncertainty.
Factors Contributing to Bitcoin’s Stagnation
Economic and Political Uncertainty
Bitcoin’s lack of momentum is tied to macroeconomic factors, including concerns over inflation and geopolitical instability. Policies from the Trump administration, including proposed trade tariffs on Mexico and Canada, have rattled markets. Investors remain cautious about risk assets like Bitcoin, leading to weakening demand.
Weakening Demand and Neutral Funding Rates
According to Glassnode, Bitcoin’s post-election rally has lost steam, reflecting a hesitant market. Short-term holders’ cost basis exceeded that of longer-term holders in Q1, indicating reduced demand. As BTC dropped below $95,000, capital outflows accelerated, reinforcing a shift from post-all-time-high optimism to a more cautious outlook.
Glassnode reported: “This reversal indicates that macro uncertainty has spooked demand, reducing new inflows… and suggests that new buyers are now hesitant to absorb sell-side pressure.”
Perpetual futures funding rates, a measure of speculative interest, are hovering close to 0%, signaling increased indecisiveness among traders.
Key Resistance Levels
Bitcoin is struggling to reclaim key technical levels. On March 9, BTC fell below the 200-day simple moving average (SMA) at $83,736, which has acted as a resistance barrier since. Analysts suggest that a decisive move above this level and the 200-day EMA at $86,000 is necessary to confirm renewed bullish momentum.
Crypto analyst Daan Crypto Trades emphasized the importance of these indicators: “The 200-day SMA and EMA are crucial for determining the mid-to-long-term trend. Failure to reclaim these levels could lead to extended consolidation.”
For now, Bitcoin remains stuck in a tight range, awaiting the next major catalyst to determine its direction.
No information published in Crypto Intelligence News constitutes financial advice; crypto investments are high-risk and speculative in nature.
