Been looking back at how Bitcoin price moved around early March and it's honestly the same story we keep seeing. Touched $74K mid-week, then Friday came around and everything just rolled back down to $68K range. That kind of round-trip action is becoming predictable at this point.

What's interesting though is the underlying pressure keeping a lid on things. The dollar had its best week in a year, which basically means every asset priced in USD gets headwind. Add in the Middle East situation pushing inflation expectations higher and the Fed looking less likely to cut rates, and you can see why rallies keep getting sold into.

The on-chain picture is telling too. About 43% of all Bitcoin supply is underwater, so every time price bounces, those holders are just waiting to dump and break even. It's like invisible resistance that shows up on every pump. That's probably why $74K couldn't stick around.

One thing that caught my eye though - stablecoin inflows jumped 415% to $1.7B that week. That's dry powder sitting on the sidelines. Could be retail waiting for a better entry, or it could rotate in if sentiment shifts. The macro backdrop is brutal for risk assets right now, but that capital pool suggests people aren't completely checked out despite the noise.