Bitcoin remains in a consolidation phase after reaching its all-time high of $109,000. Short-term holders continue to sell, while the market waits for long-term investors to return. Current price pressure is driven by macroeconomic uncertainty and geopolitical tensions.
Market Correction
CryptoQuant analyst XBTManager stated that Bitcoin is undergoing a correction phase after reaching its historical peak. Due to liquidity needs, it will likely remain in consolidation for some time before making its next significant move. The price decline comes amid broader macroeconomic uncertainty, impacting other financial assets as well.
For investors, the key factor is the return of long-term holders. In recent months, they have been net sellers, while short-term investors increased their supply. This trend may reverse only when short-term speculators exit the market and long-term investors start accumulating BTC again.
Price Pressure
According to Bitbo data, the supply of BTC held by long-term investors has decreased by 800,000 BTC since the beginning of December. This trend started on December 1, when the supply stood at 15.2 million BTC, dropping to 14.7 million BTC by December 20. Currently, it stands at 14.4 million BTC, confirming the ongoing sell-off.
Beyond selling pressure, Bitcoin also faces geopolitical and economic challenges. After dropping below $100,000 on February 4 due to fears of a trade war, another decline followed on February 27, when markets reacted to the introduction of new U.S. tariffs. Bitcoin then fell below $80,000, wiping out most of the gains made since November.
