Bitcoin trades sideways as fresh U.S. demand signals a potential shift in asset ownership. Data shows over 50 million Americans now own Bitcoin, surpassing gold holders. Analyst Joao Wedson highlighted a key support level at $63,700, noting a break below could trigger further declines.
Bitcoin exhibited sideways trading as market caution lingered alongside a slow return of confidence. Recent U.S. ownership data hinted at a deeper structural shift in demand for the digital asset.
An analysis by Bitcoin Teddy reported over 50 million Americans owned Bitcoin, compared to roughly 37 million who owned gold. This difference highlighted a growing retail willingness to treat Bitcoin as a reserve asset.
Fresh data from CryptoQuant showed the Coinbase Premium indicated aggressive buying by U.S. investors. This premium suggested real conviction and spot demand from American buyers.
Alphractal analyst Joao Wedson stated, “Bitcoin needed to hold $63,700 to avoid a fresh downside move in the market.” Below that, risk zones stood at $57,000, $52,400, and $48,700.
The incoming week starting March 9th was set to determine if current strength could survive through inflows. Bulls hoped that significant inflows would sustain prices, rather than a return of outflows and weakness.
