Bitcoin ended last week on a strong note, bouncing back from a key support level near $80,000. The cryptocurrency gained around 3% over the past week, reaching $83,720 during the mid-London session on Monday, March 17.

But while Bitcoin is showing signs of strength, the market remains on edge. The Bitcoin Fear and Greed Index has dropped to 32%, signaling growing uncertainty among investors. With large holders taking profits and key technical patterns forming, the next big move could be just around the corner.

Let’s take a closer look at the latest trends shaping the market.

Whales and Miners Take Profits

Many traders expect a strong Bitcoin rally in the coming months, but large investors, especially miners, have been selling. Over the past week, Bitcoin miners offloaded more than 1,000 BTC, while US spot Bitcoin ETF issuers recorded their fifth straight week of cash outflows.

At the same time, the amount of Bitcoin held on centralized exchanges increased by 2,783 BTC last week, bringing the total to about 2.22 million BTC. This suggests that some investors may be preparing to sell.

Can Bitcoin Break Out of Its Downtrend?

Since Donald Trump’s second inauguration as US president, Bitcoin has struggled to break free from a downward trend, repeatedly testing support above $80,000. Crypto analyst Captain Faibik believes Bitcoin is forming a falling wedge pattern on the daily chart, a setup that often leads to a breakout. If this pattern holds, Bitcoin could surge toward $109,000.

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However, traders should be prepared for short-term volatility. Faibik warns that Bitcoin could dip to $78,000 before a major bullish breakout.

Bitcoin Network Continues to Expand

The Bitcoin network has grown significantly in the past year to over 42 million on-chain holders. The BTC network has seen its hashrate grow to over 764 EH/s following the ongoing mainstream adoption by institutional investors and nation-states led by the United States.

According to market data from Defillama, the Bitcoin network has around $5.5 billion in total value locked (TVL) and over 682k active addresses on its DeFi platforms.

Bitcoin is at a critical point. While fear is holding back some investors, historical price patterns and network growth suggest that a major breakout could be on the way.