Bitcoin Drops Below $67K on Trump Speech

01Session Data

02What Happened

The Bitcoin price today stabilized near $66,907 after a bruising 24-hour period that saw BTC plunge below $66,000 before recovering. The session was defined by Trump’s Wednesday night address, which promised intensified strikes on Iran and shattered the ceasefire hopes that had lifted crypto earlier in the week. Bitcoin opened Thursday at $68,097 — nearly unchanged from Wednesday’s close of $68,079 — then fell sharply as Asian markets reversed (Kospi −4.47%, Nikkei −2.38%) and oil surged above $109.

The derivatives market bore the brunt of the move. Over $251 million in long positions were liquidated within 24 hours, with the bulk concentrated on Binance and OKX. The liquidation map showed approximately $1.13 billion in leveraged long exposure clustered near $64,533 — meaning nearly 80% of recent longs would be wiped out if BTC reached that level. High-leverage positions (25x–50x) dominated the cluster, creating cascading sell pressure as stops were hit.

Spot Bitcoin ETF flows have turned negative, with net outflows exceeding $170 million in recent sessions — a stark reversal from the aggressive institutional buying of prior months. CryptoQuant data shows 8.2 million BTC are currently held at a loss, approaching but still below the 2022 bear market’s levels. The 1-to-3-month HODL wave cohort has collapsed from 14.67% of supply on January 14 to just 8.19% by April 1, indicating capitulation among short-term holders.

On the mining front, the selling wave continued. Riot Platforms disclosed selling 3,778 BTC during Q1, and Arkham flagged a fresh 500 BTC outflow (~$34M) on Thursday. MARA Holdings, Genius Group, and Nakamoto Holdings sold a combined 15,501 BTC in the past week. The selling reflects miners navigating operating costs amid depressed prices and listing pressures.

The news cycle offered structural positives that the market is not yet pricing. Coinbase received conditional OCC approval for a U.S. trust charter — a potentially transformative step for institutional crypto custody. The Senate CLARITY Act compromise is reportedly close, with Coinbase’s legal chief saying a markup is expected soon. Metaplanet accumulated 5,075 BTC in Q1, lifting its treasury to 40,177 BTC — now the world’s third-largest corporate holder. Stablecoin supply hit a record $315 billion in Q1, with monthly transaction volume of $7.2 trillion surpassing the Automated Clearing House network for the first time in February. Circle announced cirBTC, a wrapped Bitcoin product targeting institutional users, challenging BitGo and Coinbase. On the DeFi front, a $280M exploit hit Drift on Solana, with critics questioning why stolen USDC moved for hours without Circle freezing the funds.

03Technical Snapshot

Bitcoin closed at $66,907, printing a small-bodied candle after the sharp intraday selloff and recovery — a sign of indecision after the prior session’s selling pressure. The price is trading below all major moving averages: the 200-day SMA sits far above at approximately $89,861, while the Tenkan-sen (~$67,140), Kijun-sen (~$68,180), and Bollinger midline (~$69,332) all act as overhead resistance. The Ichimoku cloud is thick and well above price, confirming the bearish macro structure.

RSI at 45.36 (signal: 43.62) is neutral-to-weak — not yet oversold, meaning more downside is technically possible before a strong bounce signal emerges. The MACD histogram at −220 (MACD: −646, signal: −867) is deeply negative but the histogram is narrowing slightly, suggesting the pace of decline may be decelerating without yet signaling a reversal.

Key levels: Resistance at $67,140 (Tenkan) → $68,180 / $68,679 (Kijun / SMA cluster) → $69,269 / $69,352 (Bollinger mid / SMA) → $70,484 → $74,462 (upper Bollinger). Support at $66,907 (current close) → $64,243 (lower Bollinger / liquidation cluster zone) → $60,187 (52-week low). A daily close below $64,500 would likely trigger the $1.13 billion long liquidation cluster and could accelerate the decline toward $60,000. Conversely, a close above $69,132 would begin neutralizing the head-and-shoulders pattern visible on the daily chart.

04Verdict

Bitcoin is in a structural downtrend. The price is 47% below its October 2025 all-time high, trading below every major moving average, with miners dumping, ETF flows turning negative, and short-term holders capitulating. The 23% year-to-date decline puts it on track for its worst start to a year since 2022.

Yet the fundamental picture tells a different story. Stablecoin supply at a record $315B signals that capital is parked in crypto rails waiting for reentry. Coinbase’s OCC trust charter opens a new institutional custody pathway. The CLARITY Act’s progress could remove the regulatory overhang that has weighed on the sector. Metaplanet’s aggressive accumulation — and Strategy’s (formerly MicroStrategy) continued buying — shows that corporate treasuries still see value at these levels.

Bias: Bearish near term, with asymmetric upside risk on any ceasefire. The $64,500 liquidation cluster is the key danger zone — if reached, cascading forced selling could push BTC toward $60,000 in a flash crash. But a surprise ceasefire or weak NFP print on Friday could trigger an equally violent short squeeze toward $70,000+. The Easter weekend creates extreme gap risk: BTC trades 24/7, but traditional liquidity is absent. Expect amplified moves in both directions through Monday.

05Weekend Developments

Trump-Iran deadline chaos lifts crypto. On Sunday — the day Trump’s April 6 energy infrastructure pause expires — he threatened Iran could be “living in Hell” if it doesn’t open the Strait of Hormuz, while simultaneously telling reporters that a deal is “getting close.” Crypto moved higher on the contradictory signals, with Polymarket odds of a U.S. invasion of Iran reaching 63% after the post. The market is treating the mixed messaging as net-positive: any deal would crush oil, boost rate-cut expectations, and lift risk assets including BTC.

Saylor signals Strategy’s next BTC buy. Michael Saylor posted “back to work” on X on Sunday after a week-long purchasing pause, signaling that Strategy (formerly MicroStrategy) is likely preparing its next Bitcoin acquisition. This comes as corporate BTC treasuries are fracturing: Strategy holds firm while Nakamoto Holdings sold at a loss, exposing the risks of debt-driven accumulation strategies under market pressure.

Drift exploit confirmed as North Korean operation; Circle scrutiny deepens. Drift Protocol confirmed the $280M exploit took “months of deliberate preparation” and attributed it with “medium-high confidence” to the same actors behind the $58M Radiant Capital hack. A crypto attorney said the incident may qualify as “civil negligence.” ZachXBT separately accused Circle of $420M in “compliance failures” since 2022 — alleging that USDC funds moved for hours or days in at least 15 cases without being frozen. Meanwhile, a security researcher revealed that North Korean IT workers have been infiltrating DeFi platforms for seven years, listing at least 40 projects affected.

Sentiment and structure. Santiment data shows bearish Bitcoin social chatter hit a five-week high over the weekend — historically a contrarian bullish signal. An analyst noted that Bitcoin’s “no direction” consolidation pattern may lead to a stronger eventual breakout. Bitcoin ETFs could eventually surpass gold ETFs in size according to ETF analyst James Seyffart, who argues BTC ETFs offer more portfolio use cases. U.S. community banks formally opposed Coinbase’s OCC trust charter, warning it falls short of regulatory standards. Apple pulled Jack Dorsey’s Bitchat from the Chinese App Store at Beijing’s request — the decentralized messaging app had been used during protests in multiple countries. Tether may delay its fundraising round if demand falls short at the targeted $500B valuation, which would make it larger than every U.S. bank except JPMorgan.

Other notable developments: Circle unveiled a quantum-resistant roadmap for its layer-1 blockchain Arc. Rwanda’s central bank moved against Bybit‘s P2P platform offering franc-to-crypto trading. Nevada extended its ban on Kalshi, ruling that event contracts are indistinguishable from sports betting. Polymarket removed a market on a missing U.S. pilot after backlash. Cambodia proposed severe prison sentences for crypto scammers. Ethereum Foundation staked 69,500 ETH, nearly reaching its 70,000 goal. Binance led Q1 crypto derivatives with approximately $4.9T in volume, while Hyperliquid cracked the top 10. A Blockworks executive warned of an “existential” token problem as supply outpaces value creation.

06Forward Look

Monday April 6 — the most loaded open of Q2. Traditional markets reopen after absorbing Friday’s NFP data, the full Easter weekend of Iran developments, and the expiration of Trump’s energy infrastructure pause. Crypto has been pricing these developments in real time, so the key question is whether equities confirm or reject the direction BTC took over the weekend. If ceasefire momentum builds, expect a coordinated rally across risk assets. If escalation resumes, the $64,500 liquidation cluster remains the danger zone.

Key catalysts ahead: Strategy’s next BTC purchase (Saylor’s “back to work” signal). Senate CLARITY Act markup — Coinbase’s Grewal says compromise is close. Coinbase OCC trust charter progression (community bank opposition noted). Circle cirBTC launch and ongoing scrutiny over USDC freeze response times. Miner sell pressure remains elevated with Riot, MARA, and Nakamoto all active sellers. Drift Protocol aftermath and potential enforcement actions related to the North Korean attribution. Tether’s $500B valuation fundraise decision. The “existential” token supply dilution problem flagged by Blockworks — a structural headwind for altcoins.

Contrarian signal: Santiment’s five-week-high in bearish social chatter has historically preceded relief rallies. Combined with Saylor’s buying signal and record stablecoin supply ($315B parked on the sidelines), the setup for a sharp reversal exists — but it needs a catalyst. A ceasefire would be the most powerful one.

This report is for informational purposes only and does not constitute investment advice. Always consult a licensed financial advisor. Past performance does not guarantee future results. Crypto assets are highly volatile and may lose all value. Published by The Rio Times.