Bitcoin under pressure as analysts warn of further declines

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Bitcoin under pressure

Large holders take profits

According to data from analytics platform Santiment, large Bitcoin holders — wallets containing between 10 and 10,000 BTC — accumulated coins aggressively between Feb. 23 and March 3. During that period, Bitcoin traded between $62,900 and $69,600 as the market experienced a sharp drop amid news related to the conflict in the Middle East.

When the price later approached $74,000, those same wallets began selling part of their recently acquired assets. Analysts estimate that about 66% of the coins bought during that period have already been sold.

At the same time, smaller investors are behaving in the opposite way. Wallets holding less than 0.01 BTC continued to increase their positions when the price fell back below $70,000. According to Santiment, this pattern often appears in the later stages of a correction.

“When retail buys while whales sell, it typically signals that the correction is not yet over,” analysts said in a statement.

Additional pressure also comes from the supply situation. Data from Glassnode shows that around 43% of the total Bitcoin supply is currently in unrealized loss. As a result, every rally tends to meet selling pressure from investors trying to exit at least at their break-even price.

Key levels for BTC

From a technical perspective, the market has reached an important support zone. Analysts believe that the area around $66,000 remains crucial for maintaining a bullish scenario.

Crypto analyst Kamil Urai notes that holding above approximately $66,187 could give the market a chance to attempt another upward move. In that case, the next key resistance level would be around $69,407.

However, if the price falls below support, sellers may increase pressure. In that scenario, Bitcoin could drop toward the $62,000 level or lower. At the time of publication, BTC is trading near $67,180, showing a slight decline over the past 24 hours.

BTC price dynamics. Source: TradingView

Geopolitics and macro factors add volatility

The broader macroeconomic backdrop is also adding pressure to the crypto market. Rising tensions in the Middle East have pushed oil prices higher, which traditionally weighs on risk assets such as cryptocurrencies.

Some analysts warn that a deeper correction is possible. Analyst Captain Faibik pointed to the formation of a “bearish flag,” which could signal further downside. According to his estimate, if the pattern is confirmed, Bitcoin could fall toward the $55,000 level.

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At the same time, some market participants see the current situation as a consolidation phase. If buyers manage to push the price back above $74,000, it could open the door to a new upward move. For now, investors are closely watching the behavior of large holders and key support levels that may determine the market’s next direction.

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