Bitcoin Market Update
Bitcoin is experiencing volatility around the $66,600 mark as the long holiday weekend seems to deter potential buyers, allowing bears to exert more influence over price movements.
With CME futures and ETF transactions set to pause on Good Friday, liquidity in the market is dipping just as its usual support mechanisms begin to weaken.
The $65,000 support level for Bitcoin is starting to appear shaky. It seems the primary active buyers right now are quite sensitive to macroeconomic conditions. According to a recent report by CryptoQuant, the 30-day apparent demand stands at about -63,000 BTC, despite ETF and corporate acquisitions hitting multi-month records. Enflux, a market maker based in Singapore, mentioned in a note to CoinDesk that the current price floor is “partially supported by expectations of interest rate cuts.”
In the last 30 days, ETF purchases have surged to roughly 50,000 BTC, a peak not seen since October 2025. Concurrently, another strategy has gathered around 44,000 BTC in the same timeframe. However, the overall demand remains negative, with selling pressure from other market participants overshadowing these inflows.
CryptoQuant highlighted that this pressure is particularly evident among larger holders. Wallets containing between 1,000 and 10,000 BTC have shifted to net distributions, and their yearly balance change has dropped from +200,000 BTC at the cycle’s peak in 2024 to approximately -188,000 BTC. Additionally, intermediate holders are delaying their buying, and the Coinbase premium remains negative, indicating weak demand in the U.S. spot market.
The current environment is such that increasing institutional activity isn’t translating to stronger price support for Bitcoin. With more funds flowing into ETF structures and regulated futures, Bitcoin is being evaluated through a lens of macro-sensitive strategies like hedging and allocation adjustments, rather than through broad spot accumulation.
This stance is now being evaluated against inflation data, as noted by Enflux. The ISM Price Payment Index climbed to 78.3 in March, marking its highest level since June 2022, which undermines hopes for immediate interest rate cuts. Enflux reported that this re-evaluation is already evident, with net ETF outflows of $296 million during the week of March 24, although inflows began to slow in early April.
Long weekends often disrupt stabilizing forces. With CME closed and ETF issuances and redemptions on hold, institutional bidding—a significant factor influencing Bitcoin’s price—is dwindling, leaving it vulnerable to persistent selling pressure in the spot market.
CryptoQuant suggested that any potential rally could meet resistance between approximately $71,500 and $81,200, as those levels have historically capped previous rebounds during the current bear market.
A broader assessment will come with the U.S. inflation data set to be released on April 9. If the core PCE for March exceeds February’s figure of 3.1%, expectations for interest rate reductions may diminish further, which could add to Bitcoin’s bearish trends.
