Bitcoin’s price has been consolidating between $85,000 and $90,000 for over six weeks after failing to hold gains above $97,000. Market metrics, including the Fear and Greed Index and on-chain data, indicate weak investor accumulation and a lack of risk appetite, shifting momentum in favor of bearish pressure.
Bitcoin’s market has been range-bound for over two weeks, a setup that historically hints at a directional bias. The asset has been consolidating for more than six weeks, bouncing between $85,000 and $90,000 since a late Q4 rally.
While BTC managed to rally past $97,000, the momentum did not last. The subsequent correction erased those gains, and the cryptocurrency failed to hold its earlier trading range.
Liquidity unwind added pressure, while the Fear and Greed Index kept traders on edge. On-chain metrics show little sign of institutional interest, with BTC ETFs continuing to see net outflows.
The Coinbase Premium Index remains in the red, signaling weak spot buying. The Fear and Greed Index is a useful metric for spotting market tops and bottoms, where extreme fear often aligns with capitulation.
As Bitcoin reclaimed $97,000, the index stayed in the neutral zone, showing a lack of aggressive accumulation at the top. Bears stepped in, and bids were not strong enough to handle pressure from the liquidity unwind.
This psychology shows a clear lack of risk appetite among investors, further reinforced by weak dip buying. From a technical perspective, if Bitcoin follows its historical playbook, the next meaningful move could come by the end of March, assuming it can hold above the $65,000 level.
Strong accumulation at that point would help reinforce it as a solid bottom. Currently, the market leans bearish, with consolidation favoring bears and momentum remaining under pressure.
