Key Takeaways
- BTC is currently trading near $66,800, locked within a $60,000–$70,000 corridor for several weeks
- Trader Michael van de Poppe believes extended consolidation typically precedes stronger breakouts
- Bitcoin ETFs registered $173.73 million in net withdrawals on Wednesday
- Geopolitical concerns stemming from Trump’s war-related statements weighed on risk-on sentiment
- Several market observers warn BTC hasn’t found its floor yet, with some forecasting drops below $50,000
Bitcoin currently sits around $66,800, marking an approximately 8% decline over the last month. The flagship digital asset has remained confined between $60,000 and $74,000 since touching an annual bottom of $60,000 on February 6.
Michael van de Poppe, who heads MN Trading Capital, shared his perspective on the stagnant price movement via X on Friday. “Bitcoin remains stagnant in this area, which means that there’s literally no direction,” he observed. He continued: “The longer it lasts, the heavier the breakout will be.” Van de Poppe is monitoring for a push beyond $71,000, a threshold BTC last touched on March 26.
Market analyst Ted shared his view on X that $60,000 “wasn’t the bottom.” According to him, a final wave of selling pressure remains probable before BTC establishes a true base. Ted also highlighted that Bitcoin faced rejection at the $69,000–$70,000 zone, an area that had previously served as a floor. He cautioned that breaking below the $65,000–$66,000 support band would probably trigger a fresh decline.
Institutional Selling Continues
Institutional appetite has shown inconsistency. Bitcoin spot ETFs experienced $173.73 million in net withdrawals on Wednesday, interrupting a brief two-day streak of inflows. This suggests cautious behavior among institutional participants who are reducing exposure to volatile assets.
Glassnode’s latest weekly analysis indicated that BTC is currently experiencing a “redistribution phase.” The amount of supply held at a loss remains elevated, and long-term holder selling hasn’t completely subsided. The research firm concluded the market has moved beyond “outright stress but is still searching for stronger conviction.”
Trader Jordan forecasted in an X post that Bitcoin might climb to $80,000, citing a bullish pattern that emerged in February. He observed that BTC has successfully defended the low $60,000 range during each retest. Jordan suggested that maintaining this support could propel prices toward the $80,000–$84,000 CME futures gap.
Market Watchers Disagree on Whether Bottom Is In
Cryptocurrency analyst Doctor Profit stated he assigns a medium-to-high probability to BTC reaching the $79,000–$84,000 range. Nevertheless, he revealed plans to initiate short positions at those levels, targeting prices below $50,000. He also emphasized his belief that the Bitcoin price has not yet established a true bottom.
Analyst CrypFlow highlighted the 2-month stochastic RSI as a crucial indicator. He noted that a bullish crossover below 20 has historically signaled optimal entry points during 2015, 2019, and 2023. That crossover has not yet materialized, implying additional downside may be ahead.
Bitcoin analyst Willy Woo stated on March 30 there exists a “very good chance” of a more prolonged bearish cycle resulting from deteriorating global macroeconomic conditions. Seasoned trader Peter Brandt informed Cointelegraph he doesn’t anticipate Bitcoin establishing a new all-time peak until the second quarter of 2027.
The Crypto Fear & Greed Index registered 11 on Saturday, firmly entrenched in “Extreme Fear” territory.
From a technical standpoint, BTC is trading close to the lower edge of a parallel channel formation near $65,900. The RSI indicator hovers in the low 40s while the MACD remains beneath its signal line, indicating persistent bearish momentum. A decisive close above $72,600 would represent the initial indication of a bullish reversal.
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