AMBCrypto noted in a recent report that macroeconomic pressure is the driving factor behind the synchronized extreme fear in the crypto and equity markets.
Over the past three weeks, Bitcoin (BTC) has managed to recover from the $64,000 low against the backdrop of geopolitical tensions.
According to a recent Polymarket post, a market crash below $45,000 was more likely than a recovery above $100,000. The expectation of such a sharp collapse was exaggerated because it did not take into account the “silent walls of buying that Wall St. has accumulated at the $55K threshold.”
While the long-term trend remains bearish Recovery to 100 thousand dollars was not possibleThe $65k area continued to be a strong short-term demand zone. Unfortunately Bitcoin bulls, demand has been weak lately.
Assessing Bitcoin’s demand exhaustion factor
In mid-March, the 24-hour moving average of the net realized profit/loss metric reached approximately $17 million per hour. This showed that the price increase above $75k was aggressively used to take profits.
In the broader context, $17 million per hour was a modest figure, but Bitcoin managed to quell its rise. The net realized profit/loss metric saw a positive increase once again over the weekend.
On Sunday, March 22, net realized profit reached $23.4 million per hour as bulls and bears battled for control of $70,000. bears won the warReflects sales for profit.
Within a day, Asian stock markets fell amid a worsening energy crisis.
The increase in realized profit demonstrated profit taking and seller dominance. The owner accumulation rate continued its downward trend in the past month.
This was another sign that active BTC holders were using the price rise to sell their assets.
President Trump’s 48 hour ultimatum It caused a wave of liquidations worth $300 million in crypto markets in the last 24 hours. US-based investor sentiment was clearly evident in the falling Coinbase Premium Index.
This metric was promising a week ago when Bitcoin challenged the $75,000 level. It has fallen below zero since then.
Lack of demand and strong incentives to take profits in the coming days could undermine potential Bitcoin price gains. From a technical perspective, the $65k area strong support It is still a region that may give an upward reaction.
Final Summary
- Bitcoin faced a surge in liquidations over the weekend as prices fell below the psychological $70,000 level.
- Depleted demand and increased profit-taking tendencies have limited the potential of Bitcoin’s rise.
