Bitcoin steady around $67K as sentiment hits extreme lows
Bitcoin is trading near $67,100, holding relatively flat over the weekend, even as market sentiment drops to its most negative levels since the Iran conflict began on February 28.
Santiment data shows social sentiment turning decisively bearish, with roughly five negative posts for every four positive ones—the weakest ratio in five weeks. The last time sentiment reached similar levels was during Operation Epic Fury, when bitcoin briefly fell below $65,000.
The Fear and Greed Index underscores the shift in mood. At 9, it remains deep in extreme fear territory and has been stuck between 8 and 14 for more than a month. Such prolonged pessimism without a major price breakdown is uncommon. In 2022, comparable readings coincided with major capitulation events like the LUNA collapse and the FTX crisis, both marked by sharp single-day declines.
Despite this, bitcoin’s price has remained resilient. Over the past five weeks, it has traded within a narrow $65,000 to $73,000 range, absorbing a steady stream of negative catalysts—including geopolitical tensions, political developments, $403 million in liquidations, and weak on-chain demand—without breaking lower. The asset is still within roughly 5% of where it was at the start of the conflict.
Institutional demand continues to provide support. Spot bitcoin ETFs absorbed around 50,000 BTC in March, the strongest pace since October 2025, while Strategy added another 44,000 BTC. Morgan Stanley’s approval for a low-fee bitcoin ETF also opens a new distribution channel to 16,000 advisors managing $6.2 trillion in assets. Together, these flows are helping to hold the market steady.
However, that support is largely preventing downside rather than driving upside. Broader demand remains weak, with 30-day apparent demand at negative 63,000 BTC, indicating that selling pressure from the wider market still exceeds institutional buying.
Large holders are contributing to that pressure. Wallets holding between 1,000 and 10,000 BTC have flipped from accumulation to heavy distribution, shifting from adding 200,000 BTC annually to offloading 188,000 BTC—one of the most aggressive reversals on record.
April has historically been a strong month for bitcoin, delivering gains in 10 of the past 15 years with an average return of 20.9%. But current conditions present a more fragile setup.
Ongoing geopolitical tensions, persistent distribution, a negative Coinbase Premium, and deeply depressed sentiment continue to weigh on the market—leaving bitcoin stable on the surface, but under increasing pressure underneath.
