Bitcoin has traded between $65,000 and $73,000 since geopolitical tensions escalated in late February, showing notable resilience. Analysts from Coinbase and Bitfinex report a dramatic 87% drop in daily Bitcoin sell-offs at a loss, falling from $3 billion to $370 million, signaling significantly reduced panic selling pressure across the market.
The persistent conflict has not broken Bitcoin’s tight trading range, with similar stability observed in Ethereum and altcoins. Coinbase analysts, led by David Duong, noted the earlier panic sell-off has diminished significantly.
In a weekly market update, they highlighted an upturn in the Short-Term Holder Spent Output Profit Ratio. “An upturn in STH SOPR for BTC and ETH beginning in late February suggests spot demand has recently been strong enough to absorb countervailing selling pressure,” the report stated.
Bitfinex analysts corroborated this, showing the massive decline in daily sell-offs. They added that the cohort willing to sell at a discount has largely exhausted itself.
“ETF flows this week will show whether fresh demand steps in or the range just tightens further,” Bitfinex stated. Spot Bitcoin ETFs recorded net inflows of $167 million and $250 million on Monday and Tuesday of this week.
Sustained inflows could support a breakout above the $73,000 resistance level. Coinbase analysts suggested a sustained recovery is feasible only if Bitcoin clears that key level.
Conversely, losing the mid-range of technical indicators could see Bitcoin fall toward $65,000. Further downside could follow if macroeconomic developments negatively impact energy markets and global tensions.
