Bitcoin Has Remained Stable Above $83,000

Bitcoin has remained stable above $83,000, showing signs of strength after weeks of choppy price action.

Bitcoin (BTC) remained stable above $83,000 on Wednesday, showing signs of strength after weeks of choppy price action. It’s gained 2.2% in the past 24 hours, giving traders an optimistic glimmer of a larger rally.

However, if we zoom out, it is clear it isn’t all sunshine and rainbows. Despite strong corporate Bitcoin accumulation, Bitcoin has declined by more than 8% over the last month, and since its peak of $109,000 in January, it is now down more than 20%!

As major companies continue to dive into Bitcoin, a recent CryptoQuant report highlights this phenomena, showcasing that public companies purchased a record-breaking 91,781 BTC in the first quarter of 2025.

MicroStrategy (NASDAQ:MCRF) led the way in this massive BTC uptake with an $8 billion purchase of 81,785 BTC. Tether also picked up a significant amount, acquiring 8,888 BTC. Additional purchases came from companies like Semler Scientific (NASDAQ:SEML), Metaplanet, and The Blockchain Company as they established their positions in Bitcoin.

So Why Isn’t Bitcoin Pumping?

One might expect Bitcoin’s price to be skyrocketing with all this corporate Bitcoin accumulation, but that wasn’t necessarily the case. According to that same CryptoQuant report, long-term holders sold approximately 178,000 BTC in the first quarter, adding to the market supply. Additionally, spot Bitcoin ETFs experienced outflows of nearly $4.8 billion, further fueling selling pressure.

Thus, Bitcoin is stuck in a range. The buying and selling pressures pulling in opposite directions means the next movement depends on key technical levels. Analysts are eyeing the $65,000–$71,000 range. This could be an important zone for buyers to step in and regain control. Let’s take a look at the charts to see what the indicators are telling us about the current BTC market trend.

The 5-minute chart of Bitcoin’s price movement showed significant volatility, first moving within a somewhat downward-sloping channel before beginning an upward trajectory. Before succumbing to intense selling pressure and plunging to a steep loss, the price momentarily broke through a resistance zone around $87,200. A lower new major support around $82,300 was reached by Bitcoin as a result of the acceleration of selling caused by the breakdown from the support level around $84,350. Weakening momentum was confirmed by the Relative Strength Index (RSI), which indicated several overbought conditions before the drop.

Chart 1, Analyzed by Alokkp0608, published on April 3rd, 2025.

Furthermore, MACD crossovers offered important signals; golden crosses denoted brief recoveries, while death crosses corresponded with bearish reversals. Bitcoin formed a consolidation phase after stabilizing at $83,360 after testing the bottom support. The MACD exhibits some bearish tendencies, and the RSI is displaying neutral readings, further indicating that traders are still generally cautious. A previous breakout also failed to sustain above the crucial resistance level, which created a brief pessimistic mood. Though technically plausible, price movement indicates that any rebound would need to retake the $84,000 level before traders would be inclined to embrace a positive bias once more.

The recent BTC market trend reflects a tug-of-war between corporate Bitcoin accumulation and persistent selling pressure from long-term holders and ETF outflows. While big companies continue to buy BTC, selling bias keeps prices under pressure.

Currently, Bitcoin is in a consolidation range and traders have noticed this $65,000 – $71,000 area is an important number. The lack of hold above $84,000 demonstrates indecision from traders as indicators like RSI and MACD show the market is trying to make a decision. A break above $84,000 may trigger another bullish rally. The BTC price prediction indicates that traders should monitor confirmation from signals like MACD and RSI to ascertain the subsequent course of action.