Bitcoin fell to $68,000 on the first trading day of the week. While the markets in Hong Kong were closed due to a public holiday, short-term selling pressure came to the fore when attempts to exceed $ 70,000 failed. It has been observed that the price has fluctuated between 65,000 and 73,000 dollars recently.
Stagnant demand and weak transaction volume draw attention
Current data from analysis firm Glassnode revealed that while the price was recovering, there was no significant increase on the buying side. While intra-chain mobility remained low, transaction volume was found to be more limited compared to previous periods. This picture indicated that there was no strong demand behind the rise in price.
Caladan, who specializes in liquidity and market structure, stated that important investors continue to sell profits and that the flow in the market consists mostly of macroeconomic developments and derivative transactions. The reports did not mention a period of extensive accumulation.
Increasing demand for protection in derivative markets
While upward movements in the options market lost momentum, there was an increase in investors’ purchases of protection against price declines. Implied volatility in options remained above realized levels. This indicated that investors were concerned about fluctuations in the coming period.
Experts stated that if it falls below $ 68,000, market makers may turn to sales to reduce their risks. It was predicted that if these conditions occur, the price movement may deepen rapidly and there may be downward pressure for a while.
According to Caladan’s assessments, although the current outlook of the market is stable on the surface, imbalances in the underlying structure can trigger rapid changes in prices.
This fragile structure that emerged in derivative transactions showed that investors were preparing for sudden changes in the short term. The possibility of sharp movements towards $ 60,000 was also emphasized.
Finally, negative sentiment has increasingly gained weight on crypto asset prediction platforms. According to Polymarket data, a significant portion of investors believe that Bitcoin will test a level of $65,000 or lower in April. On the other hand, a decrease was observed in the expectation of achieving higher targets.
