Bitcoin slides toward $70,000 as on-chain data flags bear market and traders bet Fed holds in April: Asia Morning Briefing
CoinDesk • • business
Key Points:
- Bitcoin is showing full bear-market signals with prices in the mid-$70,000s, supported by on-chain data indicating structural weakness and a thinning buyer base, as highlighted by CryptoQuant and Glassnode reports.
- Institutional demand for Bitcoin has weakened, with U.S. spot bitcoin ETFs shifting from net buyers last year to net sellers, and the Coinbase premium remaining negative since October, signaling subdued U.S. investor interest.
- Liquidity conditions are tightening, evidenced by stalled stablecoin market cap growth and collapsing longer-term demand, while Bitcoin trades below its 365-day moving average with major support between $60,000 and $70,000.
- Macro factors show Bitcoin behaving more like a high-beta asset than digital gold, with
