Bitcoin Nears $69,500 as Top 10 Cryptocurrencies Test Key Levels
U.S. spot Bitcoin ETFs approved by the Securities and Exchange Commission have become an important gauge of institutional demand. Although rising oil prices are adding to inflationary pressure and weighing on risk assets, buying interest in BTC persists. The market is now focused on whether major cryptocurrencies can break through key resistance levels.
The latest price action on April 1 showed Bitcoin nearing $69,500, while U.S. spot BTC ETFs had recorded net inflows for two consecutive weeks, marking an improvement in market sentiment from the March 9 analysis. However, onchain analyst Willy Woo warned that the long-term bear market may be only halfway through and that the current rebound could still turn into a bull trap.
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The history behind this eventBitcoin Price Pattern Signals Crash Risk, Analysts Warn of Slide to $60,000
CoinDesk analysis found that Bitcoin formed a narrow ascending channel between November 20, 2025, and January 20, 2026, before breaking below support and plunging from about $90,000. It came close to $60,000 at its February 6 low. The current rebound is showing a similar structure, suggesting limited buying on dips. Whether Bitcoin can hold the channel’s lower boundary will be critical in determining if bearish selling pressure intensifies.
Bitcoin consolidated near $67,000 on April 5 as its four-hour Bollinger Bands narrowed. Trader LP said a decline to $60,000 was only a matter of time. Material Indicators co-founder Keith Alan said a TWAP bot on Binance sold $18 million in one hour, far above its usual daily volume of $3 million to $5 million.
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