After Spending Most of February Trading Within a Range, Bitcoin (BTC) Has Broken Below the Consolidation Zone

After spending most of February trading within a range, Bitcoin (BTC) has broken below the consolidation zone, slipping under $90,000 for the first time since November.

Bitcoin (BTC) price slipped below $90,000 for the first time since November, continuing its downward trajectory.

The world’s leading cryptocurrency is currently trading at $88,956, and while it did manage to recover slightly, it seems that the bears might have more room to run in March.

After spending most of February trading within a range, Bitcoin broke below the consolidation zone and continued slipping lower.

This downturn signals growing bearish pressure, especially with lead analyst at Santiment, Brian, highlighting that Bitcoin whales are reducing their trading activity, which might lead to further declines in the coin’s value.

“Bitcoin whales seem to have taken a bit of a breather and aren’t accumulating at the moment (mostly staying flat). We’re used to seeing large BTC holders either massively buy or sell, but they’ve become rather indifferent as of late,” Brian told BeInCrypto.

This is supported by data from IntoTheBlock, which shows that the Bitcoin large holders netflow index plummeted by over 600% in the past 30 days.

Large holders are defined as whale addresses that hold more than 0.1% of an asset’s circulating supply. The netflow measures the difference between the total coins these investors bought and sold over a specific period.

When it decreases, it signals that key investors are reducing their token holdings, which may exacerbate the downward pressure on BTC’s price as supply increases in the market.

This contrasts with the recent statement by Ledn’s Chief Investment Officer (CIO) John Glover, who predicts that BTC will likely remain range-bound between $89,000 and $108,000 in March.

“From a technical perspective, BTC is following 1 of 2 paths. In the first place, there is good potential for a dip to $89,000 or even $77,000 before the next rally. In the second, we have already seen the lows, and the next move will be higher, up to ~$130,000. It’s impossible to predict which path we’re on, and short-term predictions are meaningless when intraweek/intra-month moves are dictated by news and, recently, by the actions of big players like Strategy. My personal view is that we remain stuck in a range of $89,000 to 108,000 in March,” Glover explained.

Moreover, given President Donald Trump’s pro-crypto stance, some investors are curious about how his policies might affect Bitcoin’s price in March. However, Glover believes that the "Trump effect" has been largely felt.

“The majority of the "Trump effect" has already been felt. We know he is very supportive of digital assets and has set in motion his plans to streamline regulations associated with crypto. I don’いきましょう