Bitcoin Slides, Peter Brandt Flags $49K Risk on Support Break
Bitcoin is falling sharply, down about 5.6% in 24 hours to around $65,703, as U.S.-Iran tensions and Strait of Hormuz disruptions fuel a broader risk-off move. Macro pressure is hitting derivatives too: over $102M in BTC positions were liquidated in the last day, and total BTC liquidations reach roughly $3.9B over the past month.
On-chain activity is also weakening. Active addresses reportedly fell about 30% (938,609 on Aug 8, 2025 to 655,908 on Mar 25, 2026), suggesting reduced demand and lighter capital movement during the decline.
Technically, Peter Brandt says the key support area is near $65,000 (with a recent low around $62,590). If BTC breaks and fails to hold on a weekly close, the next major target could be around $49,000. On the daily chart, BTC is forming a rising wedge; resistance is near $71,700 then $74,500, while near-term support is roughly $65,000–$66,000.
Traders watching Bitcoin should focus on $65K holding versus breakdown. If support fails, volatility may expand toward $60K first, with $49K as the larger bearish weekly objective. Keywords: Bitcoin, Peter Brandt, liquidation, derivatives, on-chain activity, technical support, $49K.
Bearish
The article frames a bearish setup for Bitcoin around the $65K support area. First, price action is already down ~5–6% with heavy derivatives stress: more than $102M in BTC positions liquidated in a day and ~$3.9B in total over a month. This often accelerates sell pressure when leverage is removed.
Second, on-chain participation is weakening at the same time (active addresses down ~30%). Historically, when BTC price rebounds attempts lack confirming on-chain demand, recoveries tend to fail faster and markets stay fragile.
Third, Peter Brandt’s technical thesis highlights a clear invalidation point: a weekly close below ~$65K would open downside toward ~$49K. Similar breakdown-to-target patterns often create a “sell the break” dynamic, with traders adding shorts or reducing longs once the support regime changes.
Short-term: watch $65K–$66K. If it holds, liquidation-driven volatility may cool. If it breaks, expect downside momentum toward $60K first and then the larger $49K objective. Long-term: persistent macro risk-off plus contracting network activity would weaken the foundation for a sustained bull recovery, keeping traders more defensive until support is reclaimed and participation improves.