Bitcoin has been making higher highs and higher lows at least twice this month — a pattern that technical traders watch closely as a sign that selling pressure may be fading and a new direction could be forming.
Exchange Outflows Dominate March
For most of March, more Bitcoin has been leaving crypto exchanges than entering them. The exception was a brief spike in inflows just before Bitcoin touched a six-week high of $76,000 on March 17, according to data from CryptoQuant.
Since then, the outflow trend resumed. When coins are withdrawn from exchanges, it typically signals that holders are not planning to sell. Deposits, by contrast, suggest the opposite — investors moving assets onto platforms where they can quickly convert them to cash or stablecoins.
CryptoQuant analyst Darkfost said the data tells a clear story. “This persistent outflow suggests genuine accumulation by investors, who continue to buy and withdraw their BTC from exchange platforms,” he wrote.
📊It has been one month that BTC outflows from exchanges have largely dominated flows.
While BTC continues its liquidation phase, Netflow has remained negative for almost an entire month.
—> This persistent outflow suggests genuine accumulation by investors, who continue to buy... pic.twitter.com/3ASkuVyBXV
— Darkfost (@Darkfost_Coc) March 24, 2026
He added that Bitcoin is still working through what he described as a liquidation phase, but the steady outflow has continued regardless.
Accumulation Without A Clear Trend
The buying is real, analysts say, but it has not been strong enough to push Bitcoin out of the tight range it has been trading in for months. Darkfost described the demand as an indication of ongoing accumulation rather than a signal that a major move is imminent.
The range-bound price action, he suggested, is partly a result of this dynamic — investors steadily absorbing supply without enough force to break the market in either direction.
Nick Ruck, director of LVRG Research, said the outflows point to long-term holders building positions rather than short-term traders chasing price. Removing Bitcoin from centralized platforms, he said, shows that holders are not interested in selling to protect against price swings.
That behavior, based on his read of the data, reflects growing confidence in Bitcoin’s underlying fundamentals despite uncertain market conditions.
Sentiment Still Fragile Despite Stabilization Signs
On-chain data firm Glassnode noted in its weekly summary that unrealized losses across the market have eased slightly. The firm called it a modest improvement but stopped short of declaring a recovery, warning that overall sentiment remains strained. Stabilization, its analysts said, is tentative at best.
Bitcoin was trading around $71,215 at the time of publication, up roughly 0.20% on the day.
Featured image from Pexels, chart from TradingView
