Bitcoin Enters Most Frustrating Phase of Cycle: CryptoQuant

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Bitcoin (BTC), the world’s leading cryptocurrency, has again suffered a price slip after trading above the $70,000 support level for some time. Per a recent CryptoQuant analysis , the fluctuation is because Bitcoin has entered the most frustrating phase of its cycle. Advertisement Bitcoin: Sideways movement and "fake breakouts" expected According to CryptoQuant, Bitcoin is in a phase that is mentally exhausting to traders and investors alike, as prices continue to move sideways. This is because market confidence is low, and both bulls and bears are feeling stuck due to the unending volatility in price. It highlighted three on-chain indicators affecting the leading digital currency. They include weakening apparent demand, a "bull-bear indicator" stuck in bearish territory, and a long-term holder Spent Output Profit Ratio (SOPR). Bitcoin Enters the Most Frustrating Phase of the Cycle “A combination of 3 key on-chain metrics suggests that the market may be navigating one of the most psychologically challenging phases of the cycle.” – By @MorenoDV_ pic.twitter.com/XBTecaPE5j — CryptoQuant.com (@cryptoquant_com) March 11, 2026 Notably, SOPR is a key on-chain metric that signals if Bitcoin is being sold at a profit or loss by holders who have held their coins for more than 155 days. Currently, this metric is less than one, which indicates loss realization amid rising fear on the broader market. Additionally, the apparent demand has remained negative since late February 2026. The recent positive climbs have failed to linger long enough to make a strong impact, as seen with Bitcoin’s recent slip below the $70,000 price support. Although new buyers are stepping into the market, the demand has not been sufficient to overturn the selling pressure. With buying pressure still in the negative, investors are not confident enough to make heavy purchases or accumulate the asset. CryptoQuant insists that these on-chain indicators will cause Bitcoin to maintain sideways movement, with frequent "fake breakouts" in price. You Might Also Like Wed, 03/11/2026 - 07:22 CZ Dismisses Forbes's $111 Billion Net Worth Estimate By Alex Dovbnya In this market scenario, the Bitcoin market is likely to see weak holders exiting and the coin moving to new buyers. With time, the market will reset for a new phase of accumulation before the price can stabilize. Are institutional buyers quietly accumulating BTC? As of this writing, Bitcoin was changing hands at $69,572.10, a 1.72% decline in the last 24 hours. The trading volume has also declined by 3.95% to $48.51 billion within the same time frame. Amid the ongoing volatility, if Bitcoin is able to hold above the $69,000 support, it is likely to retest the $72,000 resistance level. However, if the $69,000 support fails to hold, it risks dipping to a new low around $65,000 . Interestingly, amid the ongoing fluctuation, Blockstream CEO Adam Back believes there are some institutional players who are quietly accumulating Bitcoin at this "discounted price" in anticipation of a rally. #Bitcoin