Bitcoin is trading within a narrow range of $93,000 to $106,000, signaling potential for major price movement in the coming days. The waning market sentiment comes amid a report that Bitcoin millionaires have largely declined in Trump’s second term.

Despite recent volatility , on-chain data suggests accumulation remains strong, indicating investor confidence. The broader crypto market has also taken a hit, with total capitalization not changing much in the past 24 hours.

Bitcoin Demand Remains Strong

On-chain metrics suggest Bitcoin demand remains robust despite price fluctuations. Since reaching its last peak in mid-December, Bitcoin has entered an accumulation phase, following historical patterns of extended corrections after sharp rallies.

Bitcoin ’s current range has support at $94,340 and resistance at $106,784. At the time of this publication, the price was $96,163, representing a mere 1.5% increase in the past week.

Historically, when Bitcoin has remained in a narrow trading range for an extended period, it has led to sharp movements. This pattern suggests the possibility of sudden price spikes and reversals before a definitive breakout.

While Bitcoin has held relatively stable, the number of Bitcoin millionaire addresses has sharply declined since Donald Trump returned to the White House, Finbold reported.

Initially, his re-election led to optimism in the crypto market, with 11,000 new Bitcoin millionaires emerging between October and November 2024. However, since Trump’s inauguration on January 20, the trend has reversed.

Data from BitInfoCharts shows that between January 21 and February 18, the number of Bitcoin addresses holding over $1 million dropped by 22,279, averaging 795 fewer millionaire addresses daily.

Larger wallets have also seen steep declines. The number of addresses holding over $10 million in Bitcoin reportedly fell from 18,801 to 15,392. In total, more than 3.54 million Bitcoin addresses with at least $1 in holdings have disappeared since the start of Trump’s second term.

BTC: Fundamental Analysis

The crypto market has faced additional headwinds from recent macroeconomic events. Following Trump’s inauguration, a series of market disruptions contributed to Bitcoin’s stagnation.

The release of China’s DeepSeek AI model triggered a broader technology sector selloff, which rippled into the crypto market. This was followed by concerns over Trump’s proposed tariffs on China, Mexico, and Canada, adding to financial uncertainty.

Additionally, inflation figures from early 2025 showed an unexpected increase just days after Trump pushed for further interest rate cuts. Trump’s stance on Bitcoin and digital assets has also created uncertainty.

Furthermore, Trump’s administration has been linked to controversial cryptocurrency launches, including self-branded meme coins released around his inauguration.