Bitcoin Price Continues to Hover Below $90,000 Despite Renewed Bullish Signals

Bitcoin hit $87,500 on March 20, its highest level in two weeks. It has since pulled back to around $83,951, still up 2.7% over the past week.

NAIROBI (CoinChapter.com) – Bitcoin price continues to hover below $90,000 despite renewed bullish signals.

Whale-driven spoofing on Binance, weak onchain retail trends, and mixed macro cues are stalling the crypto behemoth. But exchange outflows, ETF demand, and Coinbase volume suggest strong underlying accumulation.

However, Benzinga noted that some analysts believe that retail traders are entering the market in droves.

According to Material Indicators, large players are deploying spoofing tactics on Binance to prevent upward momentum. The firm blamed a whale labeled "Spoofy" for placing high-volume ask orders.

"If you are wondering why Bitcoin price hasn't been able to rally past $87.5k yet, the reason is price suppression from Spoofy the Whale," Material Indicators wrote in a March 20 post on X.

Their data shows these large orders dominating above price, keeping BTC in a tight range, with $76,000 offering little support below.

Credit: Material Indicators

CryptoQuant CEO Ki Young Ju challenged the common assertion that retail traders aren't participating in the current bull market.

"People keep saying that retail isn't in the market yet, but isn't it obvious? ETF inflows are getting bigger, and they are mostly from retail," Ju stated on March 19.

He added that the narrative that BTC is in a bear market is "getting more interesting" with recent price action.

CryptoQuant

Ju explained that retail investors are flowing into Bitcoin ETFs, which doesn't get captured by onchain metrics. But these numbers suggest otherwise.

About 80% of spot Bitcoin ETF inflows since January came from retail investors, who participated in a whopping $35.88 billion in ETF activity, according to Farside. This activity wouldn't be covered by traditional wallet or exchange data.

This lack of onchain footprint also keeps metrics like the Bitcoin realized cap artificially low, rendering it less useful for gauging buying pressure.

Ju previously predicted the bull market was ending, but he later clarified that he expects Bitcoin to take six to twelve months to break its all-time high.

Coinbase Premium Hits Highest Since Feb. 20 as BTC Rises 5%

Data from CryptoQuant shows the Coinbase premium index reached its highest level since February 20 after BTC rose 5% on March 19. A rising premium often reflects strong U.S.-based buying.

Bitcoin's Coinbase premium index. Source: CryptoQuant

Analyst Woonminkyu noted that the 30-day EMA of the index recently crossed the 100-day EMA, which is a bullish pattern.

"This implies the presence of large players," he added.

The indicator supports the view that institutions and whales are accumulating through regulated platforms like Coinbase Advanced.

CryptoQuant

Meanwhile, CryptoQuant analyst CryptoOnCain observed the largest Bitcoin exchange outflow on a 90-day average since January 2023.

Exchange netflows turning negative often signals accumulation, as coins are withdrawn from exchanges for long-term holding.

Bitcoin Structure Still Fragile as Traders Watch Key Levels

Bitcoin's bounce back above $85,000 follows weeks of decline. Still, market sentiment remains mixed.

CryptoQuant analyst Crypto Dan noted that recent corrections stay within a standard 30% pullback range. "Massive liquidations have not occurred," he said, suggesting current conditions do not yet reflect a bear market.

"Uncertainty in the market is an unavoidable element," Crypto Dan added, noting political and economic factors.

CryptoQuant

On the technical side, Daan Crypto Trades said $84,000-$85,000 is a critical zone for bulls. Losing that level risks a deeper retrace into lower liquidity.

"Still no signs of a strong breakout yet. We’ll see if we can hold this structure for a test of $90k."

Another crypto analyst, Max from BecauseBitcoin, pointed out that Bitcoin’s RSI is still quite low despite the recent price gains.

This weakness in momentum could still stall a breakout, especially with price action remaining "stubbornly contained" in a $82,000-$88,000 range.

suggesting that sellers are still in control.