Bitcoin fell roughly 2% to trade just under $66,000 this week, extending its recent pullback as weakening spot activity and macro headwinds weigh on sentiment. The decline comes amid Bitcoin’s thinning liquidity and fading institutional momentum, further raising the risk of a deeper correction if key levels fail to hold.
Nic Puckrin, founder and CEO of Coin Bureau, cautioned that Bitcoin could slide toward the mid-$50,000 range if current market conditions persist. According to Puckrin, the $70,000 level remains a critical structural threshold. Failure to reclaim and hold above that zone, he argues, increases the probability of further price declines that could push BTC down to $55,700.
The Math Behind Puckrin’s $55,000 Bitcoin Price
Puckrin’s assessment centers on deteriorating market structure and subdued spot demand. He noted that Bitcoin has struggled to sustain momentum following repeated rejections at major resistance levels, while volume across spot exchanges has fallen to its lowest levels since 2023. Puckrin also pointed to macroeconomic pressures, including elevated interest rates and a resilient US dollar, which continue to suppress appetite for cryptocurrencies.
Recent ETF flow data further exposes Bitcoin’s current fragility. After months of significant institutional accumulation earlier in the cycle, spot Bitcoin ETF outflows have deepened with only occasional inflow days. Institutional demand has played a central role in supporting Bitcoin’s price since the approval of US spot ETFs, and a sustained slowdown in those flows could limit upside momentum.
Bitcoin’s weak spot participation is particularly concerning because sustainable rallies typically require consistent organic buying rather than derivatives-driven trading. Without a shift in monetary policy, a weakening dollar, or renewed capital inflows into spot Bitcoin ETFs, Puckrin suggested the market may lack the catalysts needed to reverse its current trajectory.
Technical Levels and Market Outlook
Technically, Bitcoin has reclaimed the $66,000 mark, having zigzagged between $67,250 and $65,750 over the past 24 hours. Currently trading at $66,952, its immediate support lies near $60,000, a key demand zone in recent months.
A decisive break below that area would likely open the path toward the $55,000 region highlighted in Puckrin’s outlook. On the upside, bulls would need to reclaim $70,000 to signal a meaningful shift in short-term structure and reestablish higher highs.
Unless institutional inflows accelerate or macro conditions improve, Bitcoin may continue to test lower support levels in the weeks ahead, with the $55,000 area emerging as a potential downside target in the event of further weakness.
History Shows March Could be Bearish for Bitcoin: Here’s Why
The broader cryptocurrency market mirrors Bitcoin’s softness. Major altcoins have also retreated, reflecting a general reduction in risk exposure. For now, market participants will continue to watch macroeconomic signals, particularly US inflation data and Federal Reserve releases, both of which could influence liquidity conditions.
Temitope Olajide
Evans Kelvin
