Bitcoin (BTC) continued to trade sideways as market caution persisted, yet recent data points to a significant structural shift in U.S. demand. An analysis shared on March 7th by Bitcoin Teddy reported that over 50 million Americans now own Bitcoin, compared to roughly 37 million who own gold. This marks a notable milestone, with Bitcoin overtaking the centuries-old precious metal in terms of owner count within the United States.
However, ownership figures alone do not equate to total market value. Gold's aggregate U.S. holdings still significantly exceed Bitcoin's. The data suggests a growing willingness among retail investors to treat Bitcoin as a reserve asset alongside traditional stores of value.
Supporting this trend, fresh data from CryptoQuant indicates strong spot demand from U.S. investors. The Coinbase Premium, which reflects the price difference on the U.S.-based exchange, shows American buyers are stepping in aggressively, willing to pay a premium. This signals real conviction and has begun to exert upward pressure on the market.
Despite this demand, technical analysis highlights key price levels to watch. According to Alphractal analyst Joao Wedson, Bitcoin needs to hold the $63,700 level to avoid a fresh downside move. Below that, risk zones stand at $57,000, $52,400, and $48,700. These levels are dynamic and change daily with on-chain behavior, serving as serious warnings for traders.
The immediate future hinges on capital flows. The week starting March 9th will be decisive. If the week opens with massive green inflows, Bitcoin is likely to maintain its strength. Conversely, a return to red outflows would signal persistent weakness, an outcome market bulls hope to avoid.
