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Just saw Bitcoin drop again this weekend, now around $71K. It only managed to rise to $70K earlier, then immediately fell again within hours. Solana, Ethereum, and Dogecoin also dropped further, about 2-2.5% in a day. The red US stock market is the main trigger, plus inflation data hotter than expected.
Interestingly, inflows into the US spot Bitcoin ETF are actually quite strong this week, but it still wasn't enough to withstand broader macro pressures. USDT stablecoin on exchanges also continues to decrease — now down to $51 billion from $60 billion two months ago. If it drops below $50 billion, it could trigger a massive sell-off.
Bitcoin is now stuck in the $60K-$70K range, like a stagnation zone since early February. This short weekend proves that resistance at the top of the range is still strong. The question now is, can the support below hold or will it break through further?