Bitcoin Drops Below $67K On Trump Speech

(MENAFN- The Rio Times) Rio Times - Crypto Daily Report · Covering April 2 Session · Published April 3, 2026

BTC / USD US$ 66,907 ▲ +0.03% H 67,282 · L 66,282 ETH / USD US$ 2,057 ▲ +0.69% 24h low ~$2,016 SOL / USD US$ 79.76 ▲ +0.92% 24h low $76.63 BTC from ATH $126,198 −47.0% Oct 6, 2025 BTC YTD - −23% Mkt cap ~$1.33T 1

Bitcoin plunged below $66K on Trump's hawkish speech, triggering $251M in long liquidations. BTC opened Thursday near $68,097, then fell sharply to $65,657 as Trump's Wednesday night address killed de-escalation hopes. Over $251 million in long positions were liquidated within 24 hours, with 80% of exposure concentrated near $64,533 on Binance. The market staged a partial recovery to close near $66,907. ETH dropped 4.4% intraday to $2,016 before stabilizing near $2,057. The sell-off confirmed that Bitcoin continues to trade as a risk asset - correlating more with copper (+0.154 on 90d) than with gold (+0.089) - despite the "digital gold" narrative.

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Miners are dumping - Riot sold 3,778 BTC in Q1 with a 500 BTC outflow flagged Thursday. The miner selling wave is accelerating. Riot Platforms sold 3,778 BTC during Q1, and Arkham flagged a fresh 500 BTC outflow (~$34M) on Thursday. MARA Holdings, Genius Group, and Nakamoto Holdings sold a combined 15,501 BTC in the past week alone. CryptoQuant data shows 8.2 million BTC are now held at a loss, approaching levels seen during the 2022 bear market. The HODL wave data shows the 1–3 month cohort's share collapsing from 14.67% on January 14 to 8.19% by April 1 - a dramatic capitulation of short-term holders.

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Institutional and regulatory catalysts are building, but not yet pricing in. Coinbase received conditional approval for a U.S. trust charter from the OCC - a significant step for institutional crypto custody. The Senate CLARITY Act compromise is reportedly close, with a markup expected soon. Metaplanet bought 5,075 BTC in Q1 to become the third-largest corporate BTC treasury at 40,177 BTC. Stablecoin supply reached $315B in Q1, with monthly transaction volume hitting $7.2T in February - surpassing the Automated Clearing House network for the first time. Circle is launching cirBTC wrapped Bitcoin to challenge BitGo and Coinbase. These are structurally bullish developments, but the market is ignoring them in favor of the macro risk-off trade.

01Session Data

Asset	Price	24h Chg
Bitcoin (BTC)	US$ 66,907	+0.03%
Ethereum (ETH)	US$ 2,057	+0.69%
Solana (SOL)	US$ 79.76	+0.92%
XRP	US$ 1.311	+0.18%
Dogecoin (DOGE)	US$ 0.0911	+1.33%
BNB	US$ 584.27	−0.23%
Cardano (ADA)	US$ 0.2437	+2.61%
BTC Long Liquidations (24h)	US$ 251.9M	Cascading
BTC ETF Net Flows	-	−$170M+ outflows
Stablecoin Supply (Q1)	US$ 315B	Record high

02What Happened

The Bitcoin price today stabilized near $66,907 after a bruising 24-hour period that saw BTC plunge below $66,000 before recovering. The session was defined by Trump's Wednesday night address, which promised intensified strikes on Iran and shattered the ceasefire hopes that had lifted crypto earlier in the week. Bitcoin opened Thursday at $68,097 - nearly unchanged from Wednesday's close of $68,079 - then fell sharply as Asian markets reversed (Kospi −4.47%, Nikkei −2.38%) and oil surged above $109.

The derivatives market bore the brunt of the move. Over $251 million in long positions were liquidated within 24 hours, with the bulk concentrated on Binance and OKX. The liquidation map showed approximately $1.13 billion in leveraged long exposure clustered near $64,533 - meaning nearly 80% of recent longs would be wiped out if BTC reached that level. High-leverage positions (25x–50x) dominated the cluster, creating cascading sell pressure as stops were hit.

Spot Bitcoin ETF flows have turned negative, with net outflows exceeding $170 million in recent sessions - a stark reversal from the aggressive institutional buying of prior months. CryptoQuant data shows 8.2 million BTC are currently held at a loss, approaching but still below the 2022 bear market's levels. The 1-to-3-month HODL wave cohort has collapsed from 14.67% of supply on January 14 to just 8.19% by April 1, indicating capitulation among short-term holders.

On the mining front, the selling wave continued. Riot Platforms disclosed selling 3,778 BTC during Q1, and Arkham flagged a fresh 500 BTC outflow (~$34M) on Thursday. MARA Holdings, Genius Group, and Nakamoto Holdings sold a combined 15,501 BTC in the past week. The selling reflects miners navigating operating costs amid depressed prices and listing pressures.

The news cycle offered structural positives that the market is not yet pricing. Coinbase received conditional OCC approval for a U.S. trust charter - a potentially transformative step for institutional crypto custody. The Senate CLARITY Act compromise is reportedly close, with Coinbase's legal chief saying a markup is expected soon. Metaplanet accumulated 5,075 BTC in Q1, lifting its treasury to 40,177 BTC - now the world's third-largest corporate holder. Stablecoin supply hit a record $315 billion in Q1, with monthly transaction volume of $7.2 trillion surpassing the Automated Clearing House network for the first time in February. Circle announced cirBTC, a wrapped Bitcoin product targeting institutional users, challenging BitGo and Coinbase. On the DeFi front, a $280M exploit hit Drift on Solana, with critics questioning why stolen USDC moved for hours without Circle freezing the funds.

03Technical Snapshot

BTC/USD daily - TradingView · riotimesonline

Bitcoin closed at $66,907, printing a small-bodied candle after the sharp intraday selloff and recovery - a sign of indecision after the prior session's selling pressure. The price is trading below all major moving averages: the 200-day SMA sits far above at approximately $89,861, while the Tenkan-sen (~$67,140), Kijun-sen (~$68,180), and Bollinger midline (~$69,332) all act as overhead resistance. The Ichimoku cloud is thick and well above price, confirming the bearish macro structure.

RSI at 45.36 (signal: 43.62) is neutral-to-weak - not yet oversold, meaning more downside is technically possible before a strong bounce signal emerges. The MACD histogram at −220 (MACD: −646, signal: −867) is deeply negative but the histogram is narrowing slightly, suggesting the pace of decline may be decelerating without yet signaling a reversal.

Key levels: Resistance at $67,140 (Tenkan) → $68,180 / $68,679 (Kijun / SMA cluster) → $69,269 / $69,352 (Bollinger mid / SMA) → $70,484 → $74,462 (upper Bollinger). Support at $66,907 (current close) → $64,243 (lower Bollinger / liquidation cluster zone) → $60,187 (52-week low). A daily close below $64,500 would likely trigger the $1.13 billion long liquidation cluster and could accelerate the decline toward $60,000. Conversely, a close above $69,132 would begin neutralizing the head-and-shoulders pattern visible on the daily chart.

04Verdict

Bitcoin is in a structural downtrend. The price is 47% below its October 2025 all-time high, trading below every major moving average, with miners dumping, ETF flows turning negative, and short-term holders capitulating. The 23% year-to-date decline puts it on track for its worst start to a year since 2022.

Yet the fundamental picture tells a different story. Stablecoin supply at a record $315B signals that capital is parked in crypto rails waiting for reentry. Coinbase's OCC trust charter opens a new institutional custody pathway. The CLARITY Act's progress could remove the regulatory overhang that has weighed on the sector. Metaplanet's aggressive accumulation - and Strategy's (formerly MicroStrategy) continued buying - shows that corporate treasuries still see value at these levels.

Bias: Bearish near term, with asymmetric upside risk on any ceasefire. The $64,500 liquidation cluster is the key danger zone - if reached, cascading forced selling could push BTC toward $60,000 in a flash crash. But a surprise ceasefire or weak NFP print on Friday could trigger an equally violent short squeeze toward $70,000+. The Easter weekend creates extreme gap risk: BTC trades 24/7, but traditional liquidity is absent. Expect amplified moves in both directions through Monday.

05Forward Look

Friday NFP (April 3): U.S. nonfarm payrolls at 08:30 ET. Traditional markets are closed for Good Friday, but crypto trades 24/7 - making BTC the primary real-time barometer for the data. A weak print could trigger a rapid move above $68K on rate-cut hopes; a strong print reinforces the dollar and pressures BTC toward the $64,500 liquidation zone.

Easter Weekend (April 4–5): With traditional market liquidity absent, crypto becomes the sole price-discovery mechanism for geopolitical developments. Trump's promised "extremely hard" strikes and the April 6 ceasefire deadline create binary tail risk. Thin order books over the holiday weekend can amplify moves dramatically - both the $280M Drift exploit on Solana and any Hormuz headlines will be priced in real-time.

Key developments to watch: Senate CLARITY Act markup timing. Coinbase OCC trust charter final approval. Circle cirBTC launch details. Continued monitoring of miner sell pressure - Riot, MARA, and Nakamoto outflows remain elevated. DeFi security: the Drift exploit raises questions about Solana DeFi resilience and Circle's USDC freeze response times. Korea Investment & Securities' potential acquisition of Coinone stake, as South Korea considers a 20% cap on major crypto exchange shareholders.

This report is for informational purposes only and does not constitute investment advice. Always consult a licensed financial advisor. Past performance does not guarantee future results. Crypto assets are highly volatile and may lose all value. Published by The Rio Times.

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