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Bitcoin Price Drops Below $66,000: 4 Main Reasons
1 Long Liquidations
The main force behind today’s Bitcoin price drop was a major deleveraging event, characterized by unusually high levels of long liquidations. Prior to the downturn, Bitcoin’s open interest (OI) weighted funding rate was unusually high, indicating that leveraged traders were paying a premium to maintain long positions in anticipation of future price increases. However, this optimism made the market vulnerable to abrupt corrections.
2 DXY Pressures Bitcoin
Yesterday, the DXY closed at 105.037, its highest level since November, indicating a stronger U.S. dollar. Given that Bitcoin and DXY are negatively correlated, a stronger dollar could shift investors’ preference for safer assets away from riskier investments like Bitcoin. This correlation stems from risk sentiment in global markets, with a rising U.S. dollar index typically signaling a flight to safer investments, undermining investment in riskier assets like Bitcoin.
3 Investor Profit Taking
Investor profit taking has also played a major role in the recent price correction. Bitcoin on-chain analytics platform Checkonchain reports a surge in profit-taking activity. Sharing insights via X, Glassnode’s lead on-chain analyst Checkmatey said: “The classic Bitcoin MVRV ratio meets the criteria we call ‘overheated, but not yet overdone.’ MVRV = above +0.5sd but below +1sd. This suggests that Bitcoin holders on average have a large amount of unrealized profits, prompting increased spending.”
4 Bitcoin ETF Outflows
Finally, the market witnessed significant outflows from Bitcoin ETFs, marking a reversal from last week’s massive inflows. The total outflows in a single day amounted to $85.7 million, with Grayscale’s GBTC seeing the largest outflows at $302 million. Meanwhile, Blackrock’s IBIT and Fidelity’s FBTC reported positive inflows, totaling $165.9 million and $44 million, respectively. WhalePanda commented: “Overall, this was a negative day, but not as negative as the price would suggest. The first quarter is over, so it makes sense to take profits here. Some confusion around the new quarter and halving is to be expected.”

$#ORDIUSDT is a huge loss, and all profits have been given up. Keep awe of the market.

Are you going to play Nimani? Is this a big waterfall? The $74.9 short order of $ordi was not received, and the floating profit of the big pie order was gone. This is the God of Wealth breaking up with me. Audi has already bought the bottom, fuck the dog dealer $BTC

$BTC The big pie is back in an anxious position. I have been holding long orders near 70,000 for almost a week. Let’s see if we can break through. We will release part of 72,000 and leave a bottom position to see if we can reach 73,000. Yesterday it was really I was so angry that Audi $ordi didn't give me a chance. I set a short order at 74.9 at 9:30. After reaching 74.9 around 9:15, I never gave the opportunity to get on the bus. Ordi has already fallen today. It’s really disgusting if I don’t eat it alone. He listened to what I told my friend the day before yesterday. It can be regarded as a good profit🔥🔥🔥🔥

Haha, I’m so damn happy. A friend has been talking about my order since I was long on Audi 66.15. Now I regret and feel heartbroken. I obviously asked him to do it together, but now in the middle of the night, he tells me about my heartache and asks me #ORDIUSDT Can I continue to chase? I think it will be around 74 or 75, but I have already taken profit and exited. Let’s look for the next opportunity to enter again. There is a high probability of going short around 75. Let’s wait until Audi arrives. I will enter on the afternoon of the 29th. The long orders once fell to around 62 and almost failed to stabilize $BTC

#ordi Finally came back, everything is normal and comfortable, I lost almost 10,000 oil from the beginning, I am reborn after the disaster, waiting for a big reversal $ordi

I'm playing nimani and stupid Audi, and I'm really convinced. My mentality has really lost my mind these days. I need to calm down for a while. $ordi lost me more than 6,000 yuan in gas. I'm fighting with him to the death. in the end

Will $ordi🚀🚀🚀will usher in a wave of gains? Ordi, the opening price is 66.15, I want to get 70, I just told a friend that he regretted it soon, recently he said that he would go to the Korean exchange, this exchange It’s really cruel, see you guys at 70c🚀🚀🚀

The tragedy of $BTC happened again. In the past two days, the market has been trying to break through the resistance level of 71500🚀🚀🚀, but unfortunately it has not been able to stand firm. I still have the long order at 70000. Do you want to make some profit and run away? I've been holding it for a few days, and every time I thought it would go up, but every time it broke through 71500, it immediately fell down and couldn't stand. Today, the $BTC option was delivered, and PCE data was released. In Powell's speech, I just wanted to see if he would mention three more interest rate cuts. , it would be great if there were,

Yesterday, I did a long position around 70,000 and did not go near 71,800. I really regretted it. What I had already acquired turned into suffering due to greed. But fortunately, it did not fall below the support level, so the loss did not occur. The situation is still there. Okay, keep holding on. All my friends around me have made profits, and I’m the only one left to continue fighting. Do you have any friends who are like me? Chunchun Dog Village doesn’t want to give you any money. $BTC

The pie has been made too much🚀🚀🚀
Bitcoin price consolidates above $70K as bulls prepare for more gains
Bitcoin price is consolidating gains above the $70,000 resistance zone. If the resistance at $71,500 is exceeded in the short term, BTC may rebound again. Bitcoin price is moving in the positive zone above $66,500. The price is trading above $70,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support at $68,500 on the hourly chart of the BTC/USD pair. The pair may start rising again if it breaks above the $71,500 resistance zone.
Bitcoin price regains strength
Bitcoin price started a sharp rise above the $68,800 resistance zone. BTC climbed above the $69,500 and $70,000 resistance levels. Finally, the price tested the $71,500 resistance zone. A new weekly high was formed near $71,557 and the price is now consolidating gains. The move up was modest below the 23% Fib retracement level of the $66,811 swing low to $71,557 high. However, the price stabilized above $69,000

Bitcoin price targets key upside breakout as dips become attractive 🔥
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level.
The main support level – $65,900, followed by $63,800.
Major Resistance – $68,000.
Bitcoin price is once again attempting an upward move above the $68,000 resistance zone. BTC may rebound if it breaks above $67,500 and $68,000 in the near term. Bitcoin price started a sharp rise above the $65,000 area. The price is trading below $65,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support at $65,900 on the hourly chart of the BTC/USD pair. The pair must clear the $68,000 resistance zone to start a fresh rally.
Bitcoin price remains supported above the $64,000 resistance zone. BTC climbed above the $66,500 and $66,000 resistance levels. However, bears are active near $67,500 and $68,000. A high was formed near $67,614 and the price is now consolidating gains. It was trading near the 23% Fib retracement level of the move from the $62,614 swing low to $67,614 high. Bitcoin is now trading above $65,000 and the 100 hourly simple moving average.
Is BTC falling again?
If Bitcoin fails to break above the $68,000 resistance zone, it could start another decline. Immediate support on the downside lies near the $66,000 level and the trendline.
The first major support level is $65,200 or the 62,614% Fib retracement level of the move from the $50 swing low at $67,614. The next support is at $63,800. If there is a close below $63,800, the price may start declining towards the $61,200 level. Any further losses could push the price towards the $60,500 support area in the near term.

Bitcoin price regains $66,000 despite 4 days of ETF outflows
Bitcoin price impressively climbed to the $66,000 mark despite four consecutive days of net outflows from Bitcoin spot exchange-traded funds (ETFs) totaling $93.85 million. According to data from Farside Investors, Grayscale ETF GBTC experienced significant outflows yesterday, with a single-day net outflow of US$358 million. GBTC alone reached a historical net outflow of US$13.63 billion. In stark contrast, the BlackRock Bitcoin Spot ETF (IBIT) saw net inflows of $233 million yesterday, bringing IBIT’s total net inflows to $13.32 billion. That's slightly below average for BlackRock, which has seen $271.9 million in inflows since its launch on Jan. 11. Other ETFs have also performed less well in recent days. Fidelity’s second-largest ETF FFBTC has seen average daily inflows of $141.5 million so far, but yesterday’s inflows were a disappointing $2.5 million. While the past few days have been pretty disappointing, it’s worth noting that the outflows came (almost) entirely from Grayscale’s GBTC, while other investors held on tight to their Bitcoin investments. This means it's only a matter of time before outflows from Grayscale stop, and even small inflows from other ETFs can have a big impact (no outflows). Currently, BTC bulls have reversed the losses seen on March 19. The coin is trading above the 20-day moving average. Optimists can consider $73,800 as a short- to medium-term target. $BTC