- Bitcoin trades near $70,700 following ETF inflows and increased accumulation, but buying pressure remains limited.
- Analysts debate a potential drop to $50K amid miner cost declines, halving effects, and market uncertainties
Bitcoin (BTC) has remained in a tight range between $62,000 and $75,000 during the past 25 days, coinciding with the US-Iran military conflict. At press time, BTC was trading at $70,748, up 1.3% following reports of peace talks between the two nations.
The recent upward movement is also supported by a reversal in Bitcoin ETF flows, with $2.5 billion in inflows recorded over the past month.
Why Bitcoin Is Consolidating Despite Accumulation
Analysts point to a short squeeze as a key factor in the recent price gains. Short-position liquidations hit $48.2 million in a single day as investors covered losses, temporarily boosting buying pressure.
Investor accumulation is also on the rise. Data from Glassnode shows that 10,485 BTC left exchanges in the past week, bringing total Bitcoin balances to an all-time low of 2.4 million BTC. Long-term holders added approximately 33,000 BTC to their portfolios over the past month, yet the price remains below $75,000 due to insufficient buying pressure.
The Bitcoin Price Debate
Historically, Bitcoin prices tend to drop roughly 850 days after a halving event. We are currently around 700 days after the 2024 halving, prompting speculation that history may repeat.
K33 Research suggests $60,000 could be the next price floor, citing negative funding and reduced miner profitability. The “electrical cost” of Bitcoin mining has dropped below $60,000 from $70,000 in Q4 2025, aligning with past price floor patterns. Kalshi prediction markets also forecast a possible low near $48,000.
BREAKING: Our traders forecast Bitcoin to reach a low of $48,000 pic.twitter.com/072nvNoUmy
— Kalshi (@Kalshi) March 24, 2026
Optimism Persists Among Traders
Despite the caution, some traders remain optimistic. Historical trends show BTC often rises alongside gold, and recent price action hints at potential upward movement.
Geopolitical tensions and Federal Reserve actions remain key factors influencing Bitcoin’s next move. Investors will be watching closely to see if BTC maintains support above $70,000 or tests lower levels.
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