Bitcoin faces renewed selling pressure as profit-taking intensifies amid macroeconomic uncertainty. The cryptocurrency fell below $70,000 after data showed a spike in realized profits, indicating investors are cashing out. While the $65,000 area remains a key support zone, metrics suggest recent demand has been weak, with U.S. investor sentiment deteriorating.
Macroeconomic pressure was the driving factor behind synchronized fear across crypto and equities markets. Over the past three weeks, Bitcoin rallied from $64,000 lows despite geopolitical tensions.
A market crash below $45,000 was considered more likely than a recovery beyond $100,000 according to a recent Polymarket post. This expectation discounts the “silent buy walls Wall St. has stacked at the $55k threshold.”
The long-term trend remains bearish and recovery to $100,000 is deemed unlikely. The $65,000 area is a strong short-term demand zone, though demand has been weak recently for bulls.
In mid-March, the net realized profit/loss metric reached nearly $17 million per hour. This showed the price spike above $75,000 was being used for aggressive profit-taking.
On Sunday, March 22nd, net realized profit hit $23.4 million per hour as bulls and bears battled for $70,000. The bears won the battle, reflecting profit-taking selling.
The holder accumulation ratio continued its month-long downtrend. This signaled active Bitcoin holders were using the price bounce to sell.
President Trump’s 48-hour ultimatum forced a $300 million liquidation wave in crypto markets. The spooked U.S.-based investor sentiment was evident in the falling Coinbase Premium Index.
The metric retreated below zero after initially showing hope when Bitcoin challenged $75,000. A lack of demand and strong profit-taking incentives can hurt potential price rallies in the coming days.
From a technical perspective, the $65,000 area remains a strong support zone. This level could still yield a bullish reaction despite current headwinds.
