$BTC
After struggling within a narrow trading range throughout February, Bitcoin (BTC) has finally broken out of its consolidation zone, slipping below the US$90,000 level for the first time since November. This flagship digital asset is currently hovering around US$88,956.
This decline reflects an escalation of bearish pressure, raising concerns that this downward trend may continue into March.
As for large holders, it refers to whale addresses that hold more than 0.1% of the total circulating asset supply. Their net flow tracks the volume of coins they buy and sell over a certain period.
When this net flow decreases, it means that these major investors are reducing their token holdings, which indicates an increase in selling pressure. This could exacerbate the downward price pressure on BTC due to the increased supply in the market.
According to John Glover, Chief Investment Officer (CIO) of Ledn, BTC is likely to remain stuck in a range between US$89,000 and US$108,000 during the month of March.
