Key Takeaways
- BTC currently trades around $66,800, confined within a $60,000–$70,000 corridor for several weeks
- Trader Michael van de Poppe suggests extended consolidation typically precedes significant price movements
- Wednesday witnessed $173.73 million exiting spot Bitcoin ETFs
- Presidential remarks regarding international conflicts reduced appetite for risk assets marketwide
- Several market observers believe Bitcoin hasn’t reached its cyclical low, with projections dipping under $50,000
Bitcoin currently sits near $66,800, reflecting an approximately 8% decline across the last month. The flagship digital asset has remained trapped between $60,000 and $74,000 following its annual bottom of $60,000 recorded on February 6.
Michael van de Poppe, who founded MN Trading Capital, shared his perspective on the current price behavior through a Friday post on X. “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 a potential climb above $71,000, a threshold BTC last touched on March 26.
Market observer Ted shared via X that the $60,000 level “wasn’t the bottom.” He anticipates a conclusive capitulation event before Bitcoin establishes a firm foundation. Ted highlighted that BTC faced resistance at the $69,000–$70,000 area, which had previously served as a support zone. He cautioned that breaking below the $65,000–$66,000 bracket would probably trigger a fresh decline.
Institutional Withdrawals Mount Pressure
Institutional appetite has shown inconsistency. Spot Bitcoin ETFs experienced $173.73 million in withdrawals on Wednesday, ending a two-day streak of inflows. This reflects caution among institutional participants who are stepping back from volatile assets.
Glassnode’s weekly analysis observed that BTC continues in a “redistribution phase.” The amount of supply held at a loss stays elevated while long-term holder selling hasn’t completely subsided. The analysis determined that the market is “no longer in outright stress but is still searching for stronger conviction.”
Trader Jordan forecasted in an X message that Bitcoin might surge to $80,000, referencing an upward trend that began in February. He observed BTC has maintained support in the lower $60,000s during each retest of that zone. Jordan suggested that holding there could propel prices toward the $80,000–$84,000 CME gap region.
Market Watchers Disagree on Cycle Bottom
Cryptocurrency analyst Doctor Profit indicated he sees a medium-high likelihood that BTC touches the $79,000–$84,000 area. Nevertheless, he revealed plans to establish short positions at those levels, targeting zones beneath $50,000. He also expressed conviction that Bitcoin’s price hasn’t found its floor yet.
Analyst CrypFlow referenced the 2-month stochastic RSI as a critical indicator. He noted that a bullish crossover below 20 has signaled optimal entry points in 2015, 2019, and 2023. That formation hasn’t materialized yet, implying additional downside may be forthcoming.
Bitcoin analyst Willy Woo stated on March 30 there exists a “very good chance” of a more severe bear market stemming from deteriorating global macroeconomic conditions. Seasoned trader Peter Brandt informed Cointelegraph he doesn’t anticipate Bitcoin achieving a new all-time peak until the second quarter of 2027.
The Crypto Fear & Greed Index registered at 11 on Saturday, firmly within “Extreme Fear” range.
From a technical standpoint, BTC trades close to the lower edge of a parallel channel around $65,900. The RSI hovers in the low 40s while the MACD stays beneath its signal line, indicating persistent selling momentum. A decisive close above $72,600 would mark the initial indication of a bullish reversal.
