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Bitcoin is trading within a narrow range of $93,000 to
$106,000, signaling potential for major price movement in the coming days. The
waning market sentiment comes amid a report that Bitcoin millionaires have largely
declined in Trump’s second term.
Despite recent volatility, on-chain data suggests
accumulation remains strong, indicating investor confidence. The broader crypto
market has also taken a hit, with total capitalization has not changed much in the
past 24 hours.
Bitcoin Demand Remains Strong
On-chain metrics suggest Bitcoin demand remains robust
despite price fluctuations. Since reaching its last peak in mid-December,
Bitcoin has entered an accumulation phase, following historical patterns of
extended corrections after sharp rallies.
Bitcoin’s current range has support at $94,340 and resistance at $106,784. At the time of this publication, the price was $96,163, representing a mere 1.5% increase in the past week.
Historically, when Bitcoin has remained in a narrow
trading range for an extended period, it has led to sharp movements. This
pattern suggests the possibility of sudden price spikes and reversals before a
definitive breakout.
While Bitcoin has held relatively stable, the number
of Bitcoin millionaire addresses has sharply declined since Donald Trump
returned to the White House, Finbold reported.
Initially, his re-election led to optimism in the
crypto market, with 11,000 new Bitcoin millionaires emerging between October
and November 2024. However, since Trump’s inauguration on January 20, the trend
has reversed.
Data from BitInfoCharts shows that between January 21
and February 18, the number of Bitcoin addresses holding over $1 million
dropped by 22,279, averaging 795 fewer millionaire addresses daily.
Larger wallets have also seen steep declines. The
number of addresses holding over $10 million in Bitcoin reportedly fell from
18,801 to 15,392. In total, more than 3.54 million Bitcoin addresses with at
least $1 in holdings have disappeared since the start of Trump’s second term.
🇺🇸AMERICA ELECTS ITS FIRST EVER CRYPTO PRESIDENTTrump has been elected as the first U.S. president openly supportive of Bitcoin and cryptocurrencies.Throughout his campaign, Trump pledged to bolster the crypto industry, including plans to establish a national Bitcoin reserve… pic.twitter.com/KIDJudWjx3
— Mario Nawfal (@MarioNawfal) November 6, 2024
BTC: Fundamental Analysis
The crypto market has faced additional headwinds from
recent macroeconomic events. Following Trump’s inauguration, a series of market
disruptions contributed to Bitcoin’s stagnation.
The release of China’s DeepSeek AI model triggered a broader technology sector selloff, which rippled into the crypto market. This
was followed by concerns over Trump’s proposed tariffs on China, Mexico, and
Canada, adding to financial uncertainty.
Additionally, inflation figures from early 2025 showed
an unexpected increase, just days after Trump pushed for further interest rate
cuts. Trump’s stance on Bitcoin and digital assets has also created
uncertainty.
Furthermore, Trump’s administration has been linked to
controversial cryptocurrency launches, including self-branded meme coins
released around his inauguration.
This article was written by Jared Kirui at www.financemagnates.com. and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
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