Bitcoin’s price has been fluctuating above the $85,000 mark, showing a slight upward trend recently. This movement has led some traders to anticipate a potential rally ahead. However, when looking at the broader timeframes, the picture is quite different.
In the last month, Bitcoin has experienced a decline of over 8%, and from its peak in January 2025, where it reached above $109,000, the drop has exceeded 20%. Despite this underperformance, there are some positive signs in the market.
According to data from CryptoQuant, public companies have been aggressively accumulating Bitcoin in the first quarter of 2025. These companies added a total of 91,781 BTC to their balance sheets between January and March, indicating a strong belief in Bitcoin’s long-term value.
Among the notable buyers, Tether added 8,888 BTC, MicroStrategy acquired 81,785 BTC, and other companies like Semler Scientific, Metaplanet, and The Blockchain Company also made significant purchases. Marathon Digital is planning a $2 billion stock sale to fund more Bitcoin acquisitions, while GameStop is exploring a $1.3 billion convertible note offering to enter the Bitcoin market.
Despite this corporate buying spree, long-term holders sold approximately 178,000 BTC during the same period, adding to the sell pressure. Additionally, around $4.8 billion flowed out of Bitcoin ETFs in Q1, further impacting the price of the asset.
CryptoQuant analyst BorisVest has identified a crucial support zone for Bitcoin between $65,000 and $71,000. This range is based on the Active Realized Price and the True Market Mean Price metrics. The Active Realized Price filters out long-dormant coins to reflect active market participants, while the True Market Mean Price provides an average based on recent transaction history.
BorisVest believes that if Bitcoin’s price falls into this support zone, it could attract strong demand from long-term holders and institutional buyers, potentially leading to a price rebound. Despite the recent market challenges, the overall sentiment around Bitcoin remains positive, with many investors still bullish on its long-term prospects.