Noticed that Bitcoin has dropped below $66k again over the weekend — another sell-off amid bad news from the stock market. The S&P 500 fell only 0.4%, but crypto reacted much more sharply: BTC down 3%, altcoins in the 5-6% negative range. Solana lost 6.7%, Ethereum 6.2%, even Dogecoin and XRP tumbled. I understand why — panic in the stock market due to inflation data and employment concerns, plus Nvidia is still falling after earnings reports.

The most interesting thing is that spot ETFs for Bitcoin in the US attracted $1.1 billion in a week, which should have supported the price, but didn’t help. Instead, it’s visible that USDT reserves on exchanges dropped from $60 billion to $51 billion over two months — this could trigger an even bigger sell-off if they fall below $50 billion. The leverage accumulated during Wednesday’s rally was simply liquidated on the pullback.

Now Bitcoin is stuck in a familiar range — between $60k and $70k, where it has been trading since February 5. Wednesday showed that $70k is a serious resistance level that couldn’t be broken. The question is whether the lower boundary of this range will hold. If not, things could get even worse. Last week’s strategy bought 535 BTC for $43 million, but even that doesn’t help — the company’s stock is only up 1% in pre-market trading. The market clearly doubts its debt financing strategy.

Things are also unpleasant on the altcoin side — large Ethereum holders have started selling at a loss, and DAT ETHZilla officially abandoned accumulating ETH and shifted focus to tokenized assets. The only one holding up better than others is BNB, which lost only 2.5%. Overall, a typical scenario: macroeconomic shock → panic in stocks → crypto drops twice as much. The range remains in effect until macro clarity is achieved.