Bitcoin holds near $66K, range-bound for 50 days, signalling accumulation over distribution
Synopsis
Bitcoin is trading near $66,000, stuck in a range for 50 days. The cryptocurrency market saw a dip of nearly 3% in the last 24 hours. Major altcoins also experienced declines. This weakness is linked to rising Treasury yields and global geopolitical tensions. Experts suggest a sell-on-rise phase unless Bitcoin and Ethereum reclaim key levels.
Bitcoin is holding near the $66,000 mark and has remained range bound for the last 50 days. The cryptocurrency was trading at $66,341 mark.
In the past 24 hours, Bitcoin slipped 3.39% and Ethereum went down 3.01% to trade at $2,000. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin and Cardano fell nearly 3.47% whereas Hyperliquid was up 0.68%.
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The global crypto market capitalisation edged down 2.77% to $2.99 trillion, according to .
Crypto TrackerTOP COINS (₹) Tether95 (0.17%)XRP127 (-1.73%)BNB58,215 (-2.29%)Ethereum190,071 (-2.97%)Bitcoin6,301,420 (-3.4%)
WazirX Market Desk said by week’s end, BTC was trading near $66.9K, remaining within the broad $50K–$70K range it has held for approximately 50 days, a pattern analysts are increasingly interpreting as accumulation rather than distribution.
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The crypto market this week moved through a period of sharp volatility before finding relative stabilization. Bitcoin touched lows near $67K–$69K mid-week, driven by geopolitical escalation, specifically the U.S. issuing a 48-hour ultimatum to Iran. Liquidations totalling ~$299M, 85% from long positions, amplified the move lower, WazirX Market Data further said.
Ethereum and Bitcoin were down 7.19% and 6.23% respectively in the past week. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid and Cardano fell upto 7.85%.
Riya Sehgal, Research Analyst, Delta Exchange said Crypto is clearly trading as a macro-sensitive risk asset right now, not in isolation. The recent weakness in Bitcoin and Ether reflects a combination of rising Treasury yields, elevated oil, and geopolitical uncertainty, which has tightened overall financial conditions and reduced appetite for risk.
Unless BTC reclaims the upper-$68,000 to $70,000 region and ETH moves back above roughly $2,060 to $2,120, the market is likely to remain in a sell-on-rise phase, even if short-covering bounces emerge, Sehgal further said.
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According to Binance Weekly Market Research, Stablecoins were in focus this week, but not because of the macro and geopolitical forces driving volatility elsewhere in crypto. They are instead being reshaped by something more targeted: a shift in U.S. regulatory design.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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