Analyst Says Bitcoin Volumes Hit Bear Market Levels In March as Uncertainty Rises

• Bitcoin spot volumes hit multi-year lows, with Binance at $69B, indicating reduced participation across exchanges.
• U.S.-Iran tensions drive uncertainty, keeping investors sidelined and limiting risk appetite in crypto markets.
• Price consolidates near $71K, with resistance ahead and indicators showing neutral to slightly bearish momentum.

Bitcoin trading activity dropped in March 2026 as geopolitical tensions between the United States and Iran escalated. According to analyst Darkfost, uncertainty around ceasefire negotiations kept investors sidelined. As a result, major exchanges reported declining spot volumes, reflecting reduced participation and limited risk appetite across the crypto market.

Spot volumes hit multi-year lows

According to Darkfost, Bitcoin spot volumes fell to levels last seen during the 2023 bear market. Binance recorded just $69 billion in March 2026 spot volume. This marks its lowest level since September 2023.

Notably, this decline extends across multiple platforms. Gate.io reported a 50% drop in Bitcoin spot volumes since October 2025. Similarly, OKX and Upbit showed comparable contractions.

Meanwhile, Bybit, Coinbase, and Kraken also reported shrinking activity. This broad slowdown indicates a structural decline rather than isolated weakness. Consequently, market-wide participation remains subdued.

Geopolitical tension drives caution

However, the decline in trading activity aligns closely with rising geopolitical uncertainty. Discussions around extending ceasefire deadlines between the United States and Iran remain unresolved. This lack of clarity has made long-term positioning difficult.

According to Darkfost, investors struggle to assess risk in such conditions. As a result, many prefer to stay on the sidelines. This cautious approach reduces liquidity and trading volumes across exchanges.

Moreover, the environment discourages directional bets. Without clear outcomes, traders avoid exposure, further compressing market activity.

Price structure shows consolidation phase

Meanwhile, Bitcoin’s price action reflects this cautious environment. The broader trend shows a decline from above $110,000 in October. Lower highs and lower lows confirm sustained weakness.

A death cross formed in late November as the 50-day moving average dropped below the 200-day average. This reinforced bearish momentum. Subsequently, a sharp sell-off pushed prices toward the $62,000 range.

Since mid-February, Bitcoin has traded within a defined range. Support holds near $67,000, while resistance sits between $72,000 and $75,000. Current price levels hover near $71,600, testing resistance.

Momentum indicators suggest a neutral to slightly bearish outlook. However, a break above the 200-day average could shift short-term direction.

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