Bitcoin, the leading cryptocurrency, has recently entered what many are calling a “cooling phase,” as its price experiences moderate fluctuations and consolidates near key support zones. While this phase marks a slight downturn for the digital asset, it is far from a sign of panic or mass sell-offs. On the contrary, Bitcoin’s long-term holders continue to accumulate, showing confidence in its future despite short-term losses.

Bitcoin’s Price Drop and Cooling Phase

Over the past few weeks, Bitcoin has experienced a notable price drop. From a high of $101,403, the cryptocurrency has fallen to around $84,330, representing a 17% decline. Despite this, there are no significant signs of panic selling among holders. Instead, Bitcoin appears to be consolidating at these lower levels, indicating a cooling phase rather than a breakdown.

According to on-chain data shared by Glassnode, Bitcoin is currently in a phase where unrealized losses are rising, but the market is not exhibiting signs of widespread panic. The share of Bitcoin held at moderate unrealized losses has significantly increased in 2025, particularly in the -23.6% to -10% range. This suggests that more Bitcoin holders are “underwater” or holding positions at a loss. However, it’s important to note that this shift is not accompanied by widespread selling, indicating that investors are still confident in Bitcoin’s long-term potential.

Accumulation Despite Losses

While Bitcoin’s price has decreased, there’s a growing trend of accumulation among long-term holders. The data reveals that Bitcoin holders are not rushing to sell despite being in the red. Instead, long-term investors seem to be taking advantage of the market cooling off by continuing to accumulate coins.

One of the key metrics reflecting this behavior is the “Mean Dollar Invested Age” (MDIA), which tracks the age of Bitcoin held across different addresses. Between February 4 and March 26, Bitcoin’s MDIA increased from 418 days to 432 days, signaling that old coins are remaining dormant. This suggests that rather than distributing their holdings, long-term holders are holding onto their positions, signaling confidence in Bitcoin’s future potential.

This trend of accumulation is also evident in the behavior of “whales,” or large Bitcoin holders. Data from CryptoQuant reveals that the Exchange Whale Ratio remained steady above 0.50 in March, suggesting that whales are not dumping their Bitcoin, but rather holding onto it. In fact, key movements in Bitcoin’s price on March 14 and March 20—when Bitcoin was stabilizing at around $84,000—indicate that whales are patiently waiting for the right moment to make moves, without triggering mass sell-offs.

Pressure Mounting on Short-Term Holders

While long-term holders remain steady, there is growing pressure on short-term Bitcoin holders, who purchased their Bitcoin within the past 155 days. Over 2.8 million BTC from this group is currently underwater, resulting in significant unrealized losses. These short-term holders are likely feeling the pressure as Bitcoin’s price has dipped below their acquisition price, which currently stands near $92,500.

Bitcoin’s resistance point appears to be hovering around the $90,000–$93,000 range, which has created a supply zone. This means that investors who purchased Bitcoin near these levels may look to sell if the price reaches this range again. Conversely, if Bitcoin manages to break above this range, it could pave the way for a potential rally toward a new all-time high. However, if Bitcoin remains below this resistance zone, the market could continue to consolidate in the short term.

Long-Term Outlook for Bitcoin

Despite the current cooling phase and price drops, the long-term outlook for Bitcoin remains strong. There are no signs of mass panic or selling among long-term holders. Instead, the market is showing signs of accumulation and confidence in Bitcoin’s potential for future growth. As the market consolidates, Bitcoin’s price may continue to fluctuate within the support range of $87,000–$89,000, with resistance still sitting around the $90,000–$93,000 range.

Moreover, the fact that Bitcoin’s Mean Dollar Invested Age (MDIA) continues to rise despite the price drop suggests that investors are still holding onto their positions, indicating strong belief in Bitcoin’s future potential. This trend is further supported by the relatively calm behavior of Bitcoin whales, who seem content to wait for a favorable market condition rather than rushing to sell.

What Lies Ahead for Bitcoin?

Bitcoin’s current cooling phase is not a signal of doom, but rather a phase of consolidation. As Bitcoin works through moderate losses and stabilizes near key support zones, it is likely preparing for its next move. Whether this will lead to a rally or further consolidation remains to be seen, but the key will be how the short-term holders react as they face unrealized losses. If Bitcoin can maintain its support around $87,000–$89,000 and break through the resistance at $90,000–$93,000, it could set the stage for a new surge in price.

In conclusion, while Bitcoin’s price may be experiencing some setbacks in the short term, long-term holders seem undeterred, continuing to accumulate and hold their positions. With whales staying calm and support zones holding strong, the future of Bitcoin remains promising as it enters this cooling phase. How it handles the current resistance and pressure from short-term holders will ultimately determine its next move.