Bitcoin tested $65,000, dipping to $65,112 before recovering to $67,400 by Asian trading. Altcoins supported the rebound, with Ethereum at $2,042, Solana at $83.4, and XRP at $1.35. The weekly chart remains bearish overall, while Ethereum and TRX gained about 0.3% and 5% respectively. A negative macro backdrop and rising commodity prices add inflation pressure and cloud expectations for quicker Fed rate relief.
Long positions on the BTCUSD pair on Bitfinex rose to 79,343, the highest since November 2023, a metric historically seen as a counter-indicator. The buildup can precede price peaks and deeper sell-offs, signaling a risk of a move within the $65,000-$75,000 range before a potential break lower. On-chain analyst Willy Woo expects a bottom between $46,000 and $54,000, with the CVDD metric around $45,500 and the CVDD Floor Model climbing over time.
Joao Wedson, founder of the Alphractal platform, warned that a potential end to the global bull trend could push cryptocurrencies lower and urged traders to monitor on-chain metrics and set alerts near $50,000. Earlier in March, JPMorgan analysts stated that Bitcoin is weathering the Iranian crisis better than major precious metals, suggesting it could withstand macro headwinds.
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