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Bitcoin (BTC), the world’s leading cryptocurrency, has again suffered a price slip after trading above the $70,000 support level for some time. Per a recent CryptoQuant analysis, the fluctuation is because Bitcoin has entered the most frustrating phase of its cycle.
Bitcoin: Sideways movement and "fake breakouts" expected
According to CryptoQuant, Bitcoin is in a phase that is mentally exhausting to traders and investors alike, as prices continue to move sideways. This is because market confidence is low, and both bulls and bears are feeling stuck due to the unending volatility in price.
It highlighted three on-chain indicators affecting the leading digital currency. They include weakening apparent demand, a "bull-bear indicator" stuck in bearish territory, and a long-term holder Spent Output Profit Ratio (SOPR).
Notably, SOPR is a key on-chain metric that signals if Bitcoin is being sold at a profit or loss by holders who have held their coins for more than 155 days. Currently, this metric is less than one, which indicates loss realization amid rising fear on the broader market.
Additionally, the apparent demand has remained negative since late February 2026. The recent positive climbs have failed to linger long enough to make a strong impact, as seen with Bitcoin’s recent slip below the $70,000 price support.
Although new buyers are stepping into the market, the demand has not been sufficient to overturn the selling pressure. With buying pressure still in the negative, investors are not confident enough to make heavy purchases or accumulate the asset.
CryptoQuant insists that these on-chain indicators will cause Bitcoin to maintain sideways movement, with frequent "fake breakouts" in price.
In this market scenario, the Bitcoin market is likely to see weak holders exiting and the coin moving to new buyers. With time, the market will reset for a new phase of accumulation before the price can stabilize.
Are institutional buyers quietly accumulating BTC?
As of this writing, Bitcoin was changing hands at $69,572.10, a 1.72% decline in the last 24 hours. The trading volume has also declined by 3.95% to $48.51 billion within the same time frame.
Amid the ongoing volatility, if Bitcoin is able to hold above the $69,000 support, it is likely to retest the $72,000 resistance level. However, if the $69,000 support fails to hold, it risks dipping to a new low around $65,000.
Interestingly, amid the ongoing fluctuation, Blockstream CEO Adam Back believes there are some institutional players who are quietly accumulating Bitcoin at this "discounted price" in anticipation of a rally.
Dan Burgin
Vladislav Sopov
