Bitcoin slipped below $68,000 on Saturday and gave back part of its midweek rally as traders moved into the weekend with a more cautious stance. CoinMarketCap data showed Bitcoin trading near $67,900, down more than 4% over 24 hours after briefly climbing above $74,000 earlier in the week.
The pullback spread across major tokens, with Ether near $1,974, Solana around $84, XRP near $1.37, Dogecoin at about $0.09, and BNB close to $627.
Furthermore, the decline came as the US dollar posted its strongest weekly gain in about a year, which added pressure to risk assets. A stronger dollar often reduces appetite for assets such as Bitcoin because it tightens financial conditions and raises the appeal of safer holdings.
Market data suggested the latest drop came as investors cut exposure. Santiment said wallets holding between 10 and 10,000 Bitcoin had accumulated heavily between February 23 and March 3, when Bitcoin traded between roughly $62,900 and $69,600.
After Bitcoin moved above $70,000 and touched $74,000 this week, those holders sold about 66% of the coins they had recently added. Santiment said such a pattern can point to a correction that has not fully ended, especially when smaller investors keep buying into weakness.
On-chain positioning also showed a fragile backdrop. Glassnode data indicated that about 43% of Bitcoin’s supply was sitting at a loss as prices weakened. Investors who bought Bitcoin at higher levels often sell when prices rebound toward their original entry points. Selling from those holders can cap upside and weaken momentum. It also helps explain why Bitcoin could not stay above $74,000.
Institutional demand also softened near the end of the week. Soso value data showed US spot Bitcoin ETFs posted about $349 million in net outflows on March 6. It was the largest daily withdrawal since February 12. The move came after several inflow sessions earlier in the week and pointed to reduced risk appetite as Bitcoin pulled back from its recent high.
Macro pressure remained firm as well. Oil prices stayed elevated, while tensions in the Middle East continued to influence market sentiment. Higher energy prices can keep inflation high and reduce hopes for near-term Federal Reserve rate cuts. This backdrop often weighs on cryptocurrencies and other risk-sensitive assets.
Not all signals turned negative. Market data tracked by Messari showed net stablecoin inflows jumped 415% over the week to about $1.7 billion. Higher stablecoin balances can show that some money is still waiting on the sidelines and could move back into the market if conditions improve. This does not confirm a rebound, but it does suggest investor interest remains in place.
For now, Bitcoin remains stuck in a familiar range. The move from about $68,000 to $74,000 and back to $68,000 shows how quickly sentiment still shifts. Traders will likely watch whether Bitcoin can hold the $67,000 to $68,000 area, while also tracking whale behavior, ETF flows, and the dollar’s next move.
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