K33: Bitcoin Consolidation Range Selling Pressure Weakens, Market May Be Transitioning from Distribution Phase to Bottom-Building Phase

Gate News reports that on March 25, the crypto research firm K33 released a report stating that Bitcoin has recently been consolidating, with selling pressure easing, possibly approaching a cyclical bottom. K33 research director Vetle Lunde pointed out that Bitcoin has been fluctuating mainly between $60,000 and $75,000 in recent weeks. This range, accompanied by stable ETF capital flows and long-term holder behavior, is generally seen as a “market bottoming” characteristic. The current low around $70,000 is attractive to medium- and long-term investors.

Regarding long-term holders, the supply of coins held for over six months rebounded after a significant decline at the end of 2025, indicating that investors are more inclined to hold rather than sell within the current price range, helping to stabilize prices. However, K33 also noted that the macro environment remains uncertain. Middle Eastern geopolitical conflicts and oil price volatility, combined with the Federal Reserve’s hawkish stance, may suppress risk appetite and limit additional capital inflows.

K33 believes that although short-term upside remains constrained by macro factors, the combination of waning selling pressure, stable ETF capital flows, and price range consolidation suggests the market may be transitioning from a distribution phase to a bottoming phase.