TechFlow news, on March 21, Matrixport released a weekly report indicating that $90,000 will be a key level for determining Bitcoin's future price direction, and the wave of hedge fund Bitcoin selling may be nearing its end. Over the past few weeks, both funding rates and base interest rates have declined, while open interest in Chicago Mercantile Exchange (CME) Bitcoin futures has significantly decreased, suggesting that selling pressure has largely been exhausted, though Bitcoin remains in a consolidation phase.
Matrixport noted that the Bitcoin topping process began in early December 2024, triggered by stronger-than-expected U.S. employment data, and peaked after the Federal Reserve's hawkish meeting that month. Although there was a rebound attempt before Trump’s inauguration in January 2025, the collapse of Trump-themed meme coins led to a broader retreat in the meme coin market, pushing Bitcoin into its current consolidation phase.
Fed policy has become the key factor determining whether Bitcoin breaks out of its current range or faces a deeper correction. Meanwhile, wallets holding between 100 and 1,000 Bitcoin are emerging as dominant market forces, reflecting long-term accumulation by family offices and wealth management institutions. This structural shift could reduce the likelihood of Bitcoin experiencing a historic 70–80% drawdown.
Matrixport stated that as long as Bitcoin’s closing price remains below $88,574, the market remains in a bearish environment; a breakout above this level would justify shifting to a bullish stance.
