Bitcoin fell back below $72,000 after a ceasefire-driven jump to $72,750, while deep unrealized losses, a fresh MARA transfer, and rising quantum concerns kept risk in focus. Approximately 80% to 90% of invested capital is currently in the red, putting significant pressure on a large number of holders. Even so, periods like these have also aligned with peak fear and improving long-term value, placing Bitcoin in an accumulation zone that investors may watch.
Bitcoin is going through a difficult stretch. A large share of invested capital now sits below cost, putting many market participants in trouble. That level of stress is not new for Bitcoin. Similar phases have appeared before, especially when fear has dominated sentiment and conviction has weakened.
Still, the setup does not signal an immediate reversal. Instead, it points to a zone where long-term value may begin to improve, even as short-term pressure remains.
Meanwhile, Arkham Intelligence reported that MARA Holdings transferred 200 BTC worth about $13.84 million. MARA is the fourth-largest Bitcoin treasury, so the move drew immediate attention.
Arkham said the receiving wallet appears linked to selling activity. That detail added to concerns that major holders could increase supply during an already fragile period. At the same time, Bitcoin reacted sharply to geopolitical news. It climbed to as high as $72,750 after reports of a two-week ceasefire between the U.S. and Iran, then eased back to just below $72,000.
Can Bitcoin absorb fresh selling concerns while holding an area some investors see as a longer-term accumulation zone?
Separately, quantum computing has moved closer to the center of the Bitcoin debate. Bernstein told investors the risk is neither existential nor new, and it does not affect crypto alone.
The brokerage said urgency has grown after Google published a March report warning that quantum computers could break the cryptography behind Bitcoin, Ethereum, and other networks in nine minutes. Google also said it plans to migrate most authentication and digital signature systems to post-quantum cryptography by 2029.
Bitcoin contributors are now advancing proposals such as BIP360 before any signature weakness appears. The Ethereum Foundation has also published a four-part roadmap to upgrade its network by the same date.
Quantum computing uses qubits, which can hold both 0 and 1 at the same time. Because of that, quantum machines can solve some problems far faster than standard computers.
That matters for digital assets because current cryptographic systems rely on methods such as RSA and elliptic curve encryption. In turn, those systems could face pressure as quantum hardware and error correction improve.
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Concern has also spread beyond developers. UBS chief executive Sergio Ermotti raised the issue at the World Economic Forum in Davos, while Ray Dalio, BlackRock, and Christopher Wood have also voiced warnings.
Wood has already removed Bitcoin from his long-term pension portfolio. He said the case as a safe store of value may not be as strong as once believed.
Research from Chaincode Labs estimates that 20% to 50% of all Bitcoin could be vulnerable in such a scenario, or about $400 billion to $900 billion. That estimate has pushed developers to debate how quickly protections should move forward.
Michael Heinrich, chief executive of blockchain and AI firm 0G Labs, said users’ assets are safe today, but the industry needs to prepare before future systems arrive. On April 6, Coinkite chief executive Rodolfo Novak also warned against extremes, saying there is no imminent quantum threat, yet the upgrade process still requires years.
Bitcoin remains under pressure as deep unrealized losses weigh on sentiment, MARA Holdings’ 200 BTC transfer raises fresh selling concerns, and quantum computing risks draw wider attention. Still, the current setup points to a closely watched accumulation zone, leaving investors focused on both near-term pressure and longer-term network readiness.