Bitcoin Technical Analysis: Bull Markets Accumulate Over 400,000 BTC in Historic Buying Zone
By Diego Rivera | March 3, 2026
Bitcoin has entered what analysts are calling one of the most significant accumulation zones in recent history. Over 400,000 Bitcoin have been accumulated in the 60,000 to 70,000 dollar price range during the recent correction, representing substantial buying activity from large holders.
Support Levels Holding Strong
Technical analysis reveals that Bitcoin is forming a strong base around the 60,000 dollar level. The 60,003 dollar support level has been tested multiple times and continues to hold, suggesting significant buyer interest at these levels.
Key Fibonacci levels show resistance at 67,186 dollars (0.236 retracement) and 71,653 dollars (0.382 retracement). A break above these levels would signal a potential trend reversal.
On-Chain Metrics Signal Bottom Formation
Glassnode data indicates that Bitcoin’s Sharpe ratio has dropped to minus 40, a level historically associated with major cycle bottoms. This metric has only reached such extreme negative readings four times since 2015.
The Puell Multiple has entered oversold territory, while the MVRV-Z Score suggests Bitcoin is trading below its fair value. These combined metrics historically precede significant price recoveries.
What Traders Should Watch
For confirmation of a trend reversal, traders should watch for a daily close above 67,000 dollars with strong volume. Immediate targets include 71,653 dollars and 75,238 dollars respectively.
Technical analysis is inherently uncertain. Past performance does not guarantee future results. This article is for educational purposes only.
