- Bitcoin fell 2.95% to $68,860, erasing an $8,000 rally from its six-week peak of $76,000.
- The Federal Reserve signaled rate cuts may not happen for over a year, pressuring risk assets across the board.
- Bitcoin spot ETFs saw more than $300 million in outflows over three days after a brief $200 million inflow on March 17.
- Escalating Middle East tensions and Trump’s threats regarding Iran added downward pressure on crypto markets.
Fed Holds Firm, ETF Money Walks Out
Bitcoin hit $76,000 earlier this month — its highest level in six weeks — before sliding $8,000 to land at $68,860 as of Saturday. The selloff accelerated after Federal Reserve Chair Jerome Powell signaled that interest rate cuts may not come for over a year. For a risk-on asset like Bitcoin, that message translates directly into selling pressure.
The institutional side of the market confirmed the shift. Bitcoin spot ETFs recorded $200 million in net inflows on March 17, but the mood reversed fast. Over the following three days, more than $300 million flowed out of Bitcoin ETF products — a clear sign that institutional sentiment is cooling. The $68,000 level now acts as the key support. A break below it could open the door to a deeper correction.
Geopolitics Add Fuel to the Selloff
Escalating tensions in the Middle East compounded the damage. Trump’s threats regarding Iran triggered sharp intraday dips across crypto markets, with Bitcoin reacting almost instantly as traders de-risked. Analyst Michaël van de Poppe struck a calmer tone, noting “nothing special so far for BTC” and suggesting the asset is simply trading within a range while waiting for a catalyst.
The $76,000 resistance and $68,000 support define the current battlefield. Until either breaks decisively, Bitcoin remains stuck between macro headwinds and the structural demand from long-term holders who continue to accumulate on dips. The next move likely depends on incoming inflation data and whether ETF flows stabilize or continue their retreat.
