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$BTC has failed the $70k resistance due to systemic macroeconomic shocks.
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Heightened sell pressure among STH, and technical indicators indicate entrance into bear momentum.
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Upcoming fed news will determine future market movements.
Following a three-day streak above $70K, Bitcoin ($BTC) has fallen below this resistance level, trading at $68,131 (down 3.96% in 24) at the time of writing.
Blockchain analytics firm CryptoQuant shows that Bitcoin selling pressure among short-term holders (STHs), or people who hold $BTC for less than 155 days, has recently spiked.
In the last 24h, panic-led STHs have sold over 27,000 $BTC for profit on exchanges. This marked the highest level observed in recent months, signaling an upcoming capitulation phase.
Source: CryptoQuant
Additional metrics supporting the bearish case include Bitcoin’s open interest dropping by 3.94% in the past day to $45.13 billion, while liquidations mounted to $159.29 million.
Just yesterday, Bitcoin spot ETF outflows reached $228 million, reversing a 3-day inflow streak. BlackRock, the largest issuer of crypto ETFs globally, has placed a 5% quarterly cap on withdrawals, seemingly overwhelmed after surging withdrawal requests. Institutional crypto lender BlockFills is preparing for “restructuring” due to a liquidity crisis brought on by $75 million in losses in early 2025.
Rising oil prices amid the prevailing US-Iran war, inflationary fears, and heightened unemployment rates have also triggered de-risking among investors.
What Next?
Technically, Bitcoin could consolidate between $68-$70K if it holds above the $67,757 swing low. Failure to attain this would risk a test of $65K.
The community also awaits broader market price reactions to the March 18 US Federal Reserve policy announcement.