Bitcoin continues to trade within a tight range after weeks of volatile activity. Data released by Glassnode on March 11 shows that the leading cryptocurrency has spent more than a month fluctuating between $62,800 and $72,600.
Several attempts to move above the $70,000 mark have failed, with each rejection followed by bursts of profit-taking.
Net realized profits surged to more than $5 million per hour, indicating traders were making quick profits and not holding for the long term.
Currently, Bitcoin is sitting between two key levels on-chain: Realized Price at around $54,400 and True Market Mean at around $78,400.
Source: Glassnode
The market is in a state of transition. If the economic conditions remain favorable, there could be some short-term upside. There is some resistance at $70,000, but geopolitical issues are impacting investor sentiment, so $54,400 is an important level of support.
On-chain data indicates that there is a new group of buyers entering the market, although their commitment is low compared to previous rally phases.
Also Read: Bitcoin Price Drops Under $90K Following 16,300 BTC in ETF Outflows
Bitcoin Short-Term Investors Face Profit Pressure
Another factor hampering market momentum is the financial pressure faced by new entrants in the market. The Short Term Holder Spent Output Profit Ratio (STH-SOPR) is around 0.985, indicating that there are a lot of new entrants selling at a loss.
Source: Glassnode
This ratio has been below the break-even point of 1 since October 2025, indicating that new entrants are not holding enough profit to invest in more coins.
This has generally happened in a long consolidation period in a bear market. The market is taking more time to stabilize before a new growth period begins.
The small rallies in a market like this are generally meeting resistance, allowing investors to sell out at levels around which they bought in.
ETF Inflows Return As Derivatives Positioning Shifts
While on-chain activity is still subdued, signals off-chain indicate rising demand. Strong inflows into U.S. spot Bitcoin ETFs were seen last week, making the seven-day average inflows positive for the first time since the market drop.
Source: Glassnode
Spot markets are healing too, with buyers stepping in on big exchanges like Binance to absorb selling pressure after big liquidations.
Derivatives markets data show that more people are taking short positions, as negative funding rates mean those who are shorting Bitcoin are paying to keep those positions. This is causing rapid gains as those who are short have to buy back their positions.
Source: Glassnode
On the other hand, options markets are looking quieter, with implied volatility at around mid-50% and call options making up 40.3% as people are preparing cautiously in case of an upside.
Source: Glassnode
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Bitcoin Price Analysis: BTC Trades Near $69,000 as Daily RSI Slips Toward 30
