Bitcoin Drops Below $71,000 Amid Rising Volume and Liquidations — $68.5k–$65.2k In Focus
Bitcoin (BTC) fell below the technical support near $71,000 on April 10, 2025, trading around $70,930 on Binance USDT perpetual futures. The breach followed a period of consolidation and came with above-average trading volume and leveraged long liquidations. Market drivers cited across reports include macroeconomic announcements affecting interest-rate expectations, volatility in traditional markets (notably U.S. tech), regulatory uncertainty, and mixed on-chain signals such as exchange net flows, miner selling, institutional ETF activity, funding rates and derivatives open interest. Short-term technicals: immediate resistance near $71,000, next support at $68,500, 50-day MA ~ $69,400 and 200-day MA ~ $65,200. On-chain metrics are mixed — exchange reserves have been declining while large addresses show accumulation; long-term fundamentals (hash rate, wallet adoption, custody infrastructure) remain supportive. Trading volume and exchange inflows increased versus prior sessions, and Coinglass-style reports show significant long liquidations, raising short-term volatility risk. For traders this looks like a corrective pullback within a broader bullish trend rather than a structural reversal, but sustained breaks below the $68,500–$65,200 band (especially under $65,200) would increase downside risk. Key monitoring points: funding rates and open interest for leverage shifts, exchange flows and miner behavior for supply pressure, and volume confirmation at support/resistance levels.
Neutral
The combined reporting points to a corrective pullback rather than an outright bearish reversal. Short-term indicators — elevated volume, long liquidations and rising exchange inflows — increase volatility and downside risk near-term, which can pressure price for traders and prompt opportunistic short-term trading. However, supportive fundamentals (hash rate, wallet adoption, institutional ETF flows over time) and on-chain accumulation by larger addresses argue against a sustained trend change. Key technical levels (resistance at $71,000; supports $68,500 and the 200-day MA near $65,200) define the risk: a rebound above $71,000 with drying-up of liquidations would be bullish for resumption of uptrend; a decisive break below $65,200 would tilt outlook bearish. Therefore the most likely immediate outcome is a volatile, neutral-to-cautiously-bearish correction within a longer-term bullish context. Traders should watch funding rates, open interest, exchange flows and miner selling to time entries and manage leverage.