Bitcoin Struggles Near $70,000 as ‘Quadruple Witching’ and Global Tensions Weigh on Markets

Bitcoin  (BTC-USD) dipped below the $70,000 mark on Thursday, pulling back into a familiar trading range after briefly reaching highs above $76,000. This slide happens as investors face a mix of high oil prices, conflict in the Middle East, and a massive derivatives event in traditional finance known as “quadruple witching.” While the price action looks shaky, some analysts believe a specific chart pattern could still trigger a quick rebound.

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Futures Selling and Stalling U.S. Demand Drive Prices Down

The recent drop aligns with a shift in how Bitcoin is being traded. Data shows that selling pressure is currently coming more from professional futures traders than from people buying the actual coins on exchanges. This is visible in the Coinbase COIN -2.67% ▼ premium gap, which turned negative, suggesting that demand from U.S. investors has cooled off.

Crypto analyst IT Tech pointed out a clear imbalance, noting that while spot selling fell by about $40 million, selling in the perpetual-futures market totaled a much larger $506.75 million. This indicates that traders using borrowed money (leverage) are the ones driving the current downward trend.

Historical Fractals Hint at Potential Rebound for BTC

Despite the drop, some traders see a bullish fractal forming. This is a pattern that looks like a previous market move. Specifically, Bitcoin is mimicking a correction from early March where the price fell to trap shorts before reversing higher.

If Bitcoin can quickly reclaim the $70,000 level, it may open a path back toward $76,000. However, the setup is time-sensitive. A drop below $68,300 could shift the focus toward lower support levels at $65,000 or even $62,000.

‘Quadruple Witching’ Adds to Market Stress

Adding to the uncertainty is a major event in traditional markets called “quadruple witching” on Friday. This happens four times a year when trillions of dollars in various stock and index derivatives expire at once. In 2025, Bitcoin often saw flat performance on these days followed by a week or two of price drops.

Cole Kennelly, CEO of Volmex Finance, warned that “quadruple witching could trigger a spike in cross-asset volatility as large derivatives positions expire.” This volatility often spills over from the stock market into crypto.

Outside of the charts, the war in Iran and rising energy costs are making investors nervous. With oil prices swinging toward $100 a barrel, there are fears that central banks will keep interest rates high. Wintermute trader Bryan Tan suggested that “being flat is a strong position” right now. He recommends that investors keep “dry powder” (cash) ready until the market shows a clearer direction.

At the time of writing, Bitcoin is sitting at $70,358.18.

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