Is Bitcoin entering a capitulation period?
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.
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