Bitcoin, that eternal drama queen, couldn’t keep its head above $70,000 for more than a hot minute before slinking back into its comfort zone of “meh.” Resistance? More like a bouncer at a club that’s already full. Now it’s back to the middle of its five-week “I’m not ignoring you, I just have a lot of other things to do” channel.
Long-term holders, those folks who bought Bitcoin in 2017 and still haven’t sold, have gone full ghost. According to CryptoQuant analyst ‘Darkfost’ on X (where else?), their activity has dipped to levels that make you question if we’re in a bear market or just a really long nap. “This decline in activity reflects a reduction in selling pressure,” they say, which is code for “no one’s eager to throw their coins into the fire, but also no one’s excited to buy.”
LTH activity has decreased significantly, to the point where it has returned to levels typically seen during bear markets.
This chart shows the monthly total of BTC spent by LTHs.⁰Be careful when interpreting the spike in November, as it corresponds to the period when…
– Darkfost (@Darkfost_Coc) March 10, 2026
Months of Boring Sideways Markets
Analyst ‘Daan Crypto Trades’ (a name so generic it’s basically a corporate mascot) noted that BTC’s price closed below the 200-week EMA again, which is like saying “I’m still alive” in a world that’s forgotten you exist. He added that Bitcoin tried to climb back above the EMA but got rejected, proving that even the most optimistic traders are just waiting for the next episode of “The Office” where nothing happens.
Meanwhile, the bull market support band is “moving down rapidly,” which is just a fancy way of saying “we’re all going to die soon, but not today.” This could result in months of “consolidation,” which is a fancy word for “we’re all just sitting here, hoping someone else makes the first move.”
“My base case is still that we will spend quite a while in this larger, let’s say ~$60K-$80K region. Could easily take several months before we see a decisive move again, I think.”
“Back and forth. Back and forth. That’s the current rhythm of Bitcoin,” said Michaël van de Poppe, who probably owns a gym and a cat. “No breakout, but the longer it stays in here, the stronger the move will be,” he added, which is the financial equivalent of “just wait, it’ll be worth it.”
Meanwhile, ‘RedHotTrade’ says Bitcoin is “compressing between $60,000 and $70,000,” which is like saying a toddler is “playing nicely” while throwing a tantrum. “Multiple technical patterns are forming at once,” they said, which is just a fancy way of saying “we’re all just guessing.”
“When several patterns point to the same breakout level, the move that follows is often explosive.”
Analyst Matt Hughes observed that BTC keeps getting “rejected just above $71,000,” which is the crypto version of “so close, yet so far.” “We can’t celebrate a real breakout until weekly candles close above this level,” he said, which is just a polite way of saying “don’t get your hopes up, darling.”
Crypto Market Outlook
Crypto markets are flat on the day, which is basically a fancy way of saying “nothing is happening, but we’re all pretending we’re busy.” Total capitalization is stuck at $2.45 trillion, which is like a party where no one brought snacks. Bitcoin was rejected at $71,600 on Tuesday, then fell back to $69,600, because even the moon is tired of trying to impress us. Ether prices remained “tightly coiled just above $2,000,” which is just a fancy way of saying “still stuck in a holding pattern, but at least it’s not a disaster.”
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2026-03-11 09:36