:
#Gate广场四月发帖挑战 Reversal! Bitcoin drops below $69,000 after breaking above $70k yesterday + new high in the greed index, profit-taking becomes the culprit
The crypto market is experiencing a rollercoaster! Just yesterday (April 6), Bitcoin surged past the $70k mark, hitting a new high in April, and the market sentiment was at a three-month peak of greed. Today, Bitcoin has pulled back, falling below the critical support level of $69,000, with volatile movements attracting market attention. As of press time, Bitcoin's 24-hour price has fluctuated sharply, reaching a high of $70,351.46 and a low of $68,300.00, with the current price stable at $68,744.85—significantly down from yesterday’s high. The core reason behind this movement is the concentrated release of profit-taking pressure. Combining the latest market news and key data, this article thoroughly analyzes the causes of this reversal, the subsequent trend, and potential risks.
1. Market Highlights: From breaking $70k to falling below $69,000 in 24 hours— a rollercoaster yesterday (April 6), the crypto market experienced a brief rally. Bitcoin strongly broke through the $70k threshold, setting a new high in April, boosting market sentiment—Santiment’s tweet showed that the greed index hit its third-highest level in nearly three months, with most investors expecting the rally to continue, and market optimism peaked. However, this optimism didn’t last long, and today’s reversal occurred. On April 7, TradingView data shows that after Bitcoin hit a new high of $70,275 on Bits, it quickly entered consolidation and then started to decline, eventually falling below the $69,000 support level. As of press time, the 24-hour high was $70,351.46, the low was $68,300.00, and the current quote is $68,744.85—indicating a clear short-term correction, perfectly aligning with Santiment’s warning: market movements often contradict public expectations. Notably, this “near $70k to $80k range then correction” pattern is not new. An analysis article on X pointed out that since February 2026, every attempt by Bitcoin to test this range has faced liquidity shortages and profit-taking pressures, limiting rebounds. This time was no exception, as the market saturation has become increasingly evident.
2. The Culprit of the Reversal: Concentrated profit-taking pressure release and internal market forces under stress The main reason for Bitcoin’s retreat from $70,000 and fall below $69,000 isn’t external negative shocks but internal market dynamics—specifically, the concentrated release of profit-taking pressure, which has become the key factor crushing the short-term rally. On-chain analysis platform Glassnode clearly states that when Bitcoin’s price approached the $70,000 region, hourly realized profits surged above $20 million. This data indicates that the local market is already saturated. Many investors, after Bitcoin broke through $70,000, chose to cash out gains and lock in profits. This concentrated selling directly caused the price to decline, forming a profit-taking correction. According to market laws, since February 2026, Bitcoin has struggled to effectively break through the $70,000–$80k resistance zone. The core issue is the dual suppression of liquidity shortages and profit-taking. Whenever the price nears this zone, early investors tend to exit, while new funds struggle to absorb the selling pressure, leading to price corrections and a “rise and fall” cycle. This recent movement is a repeat of that pattern.
3. Key Signals Breakdown: Greed index, hash rate, liquidation data reveal hidden risks and opportunities Behind the market reversal, several key signals deserve close attention—they reveal the inevitability of this correction and hint at future trends, especially the decline in hash rate and liquidation risks, which require vigilance.
Signal 1: Greed index hits three-month high, beware of “contrarian indicator” effect
Around 11:25 PM on April 6, Santiment tweeted that Bitcoin’s greed index reached its third-highest level in nearly three months. Social data shows most investors expect the rally to continue, and market optimism is strong. However, Santiment also warned that historical experience shows market movements often go against public expectations; excessively high greed can serve as a “contrarian indicator” for a market reversal. This warning is backed by history—many times, after the greed index peaks, the market experiences a correction. When most market participants are bullish, it often signals the short-term rally is nearing its end, and profit-taking increases significantly. The rapid correction after the greed index hit a new high in Bitcoin confirms this pattern and reminds investors not to be blinded by short-term optimism.
Signal 2: Global hash rate drops to 1004 EH/s, mining industry under pressure may impact coin price support
According to Wu’s Blockchain latest news, in Q2 2026, the global Bitcoin hash rate fell to about 1004 EH/s, a decrease of approximately 5.8% quarter-over-quarter. This data reflects significant pressure on the Bitcoin mining industry. The main reason is that, compared to the 2025 high, the price has fallen about 50%, leading to mining revenues dropping to historic lows. Some older mining rigs, unable to cover costs, have been shut down, pulling down the global hash rate. In terms of distribution, the concentration remains high, with the US, Russia, and China accounting for about 65%. Meanwhile, emerging markets like Kyrgyzstan and Paraguay, leveraging low-cost energy and new equipment, have achieved countercyclical growth in hash rate. It’s important to note that hash rate is a core support for network stability. A decline not only affects security but may also weaken market confidence in Bitcoin. Long-term, if hash rate remains low, it could further suppress price growth. This is a key variable to watch. Since Bitcoin mining and price are interdependent, low mining rewards and declining hash rate weaken supply-side support, increasing volatility.
Signal 3: High liquidation risk, $65,986 becomes a critical support level
Besides profit-taking and hash rate decline, liquidation risk is another major hidden danger. Latest data shows that if Bitcoin falls below $65,986, the liquidation of long positions on major centralized exchanges (CEXs) could reach $70k; conversely, if it breaks above $72,826, the short position liquidations could reach $846 million. This indicates high leverage activity and intense long-short battles. If Bitcoin continues to decline and breaks below $65,986, it could trigger large-scale long liquidations, causing a “liquidation cascade”—exchanges forcibly close long positions, further pushing prices down, triggering more liquidations, and increasing short-term volatility. Conversely, breaking above $72,826 could trigger significant short liquidations, pushing prices higher. This high leverage liquidation risk adds uncertainty to future movements and warns investors to be cautious with leverage to avoid margin calls. The crypto liquidation mechanism is inherently zero-sum: one side’s loss equals the other’s gain. High leverage amplifies this effect, and a reversal can lead to substantial asset devaluation.
4. Future Trend Outlook: Short-term consolidation, focus on two key support and resistance levels Combining current signals, profit-taking pressure, hash rate, and liquidation data, Bitcoin’s future will likely be characterized by sideways consolidation, with increasing battles between bulls and bears. The key depends on whether two critical levels are broken or held.
Short-term (1-3 days): Profit-taking pressure will continue to release, and Bitcoin is likely to fluctuate between $68,300 and $69,500.
- $68,300 is the recent low during the correction, serving as short-term support.
- $69,000 is a previous key support level; if broken, it will turn into short-term resistance. Failure to recover quickly could test the critical support at $65,986, raising liquidation risks. Additionally, the market’s high greed sentiment needs time to digest, making a strong upward move unlikely in the short term.
Medium-term (1-2 weeks): The trend depends on two core variables—the extent of profit-taking release and hash rate changes.
- If profit-taking subsides, new funds enter, and hash rate gradually recovers, Bitcoin could revisit the $70,000 level and even challenge the liquidation pressure at $72,826.
- If hash rate continues to decline and Bitcoin drops below $65,986, triggering large-scale long liquidations, further correction is possible, testing lower support levels.
Market sentiment will also be a key factor—if greed cools and investors become more rational, short-term speculation may decrease, easing volatility.
Long-term (1-3 months): Bitcoin’s trend remains closely tied to macroeconomic conditions and institutional strategies.
- Although the current hash rate decline impacts confidence short-term, as prices rebound, mining rewards improve, old miners restart, and new equipment is deployed, hash rate may gradually recover.
- Meanwhile, institutional long-term holdings continue, providing long-term support for prices.
However, persistent “rise and fall” cycles could weaken investor confidence and affect long-term trends.
5. Risk Warning (Must Read): Given the intense bull-bear battles, risks and opportunities coexist. Investors should remain rational and be aware of the following risks:
Profit-taking risk: Short-term profit-taking pressure persists. If Bitcoin cannot quickly recover $69,000, further declines and long liquidation may occur.
Liquidation risk: $65,986 is a key support level. Falling below it could trigger $70k in long liquidations, increasing volatility. High-leverage traders should control positions timely.
Hash rate decline risk: Continued global hash rate decrease may impact network security and confidence, suppressing long-term price growth.
Sentiment reversal risk: Market greed remains high. If the correction continues, it could trigger sentiment reversal and panic selling.
Resistance zone: The $70,000–$72,826 range faces strong resistance, making breakout difficult in the short term and potentially limiting rebounds.
6. Summary: Rational view after greed-driven correction—avoid blindly following the trend
Bitcoin’s rapid reversal from breaking $70,000 and hitting a three-month high in greed index to falling below $69,000 is a market law in action—profit-taking pressure release, resistance in the $70,000–$80k zone, and the “contrarian indicator” effect of greed all contributed to this correction. For investors, the key is to stay rational and not be swayed by short-term fluctuations: short-term traders should focus on whether $68,300 support and $69,000 resistance are broken, avoid high-leverage liquidation risks, and refrain from impulsive chasing or panic selling; long-term investors can ignore short-term volatility, monitor hash rate recovery and institutional trends, and make rational decisions based on their risk tolerance.
The crypto market is experiencing a rollercoaster! Just yesterday (April 6), Bitcoin surged past the $70k mark, hitting a new high in April, and the market sentiment was at a three-month peak of greed. Today, Bitcoin has pulled back, falling below the critical support level of $69,000, with volatile movements attracting market attention. As of press time, Bitcoin's 24-hour price has fluctuated sharply, reaching a high of $70,351.46 and a low of $68,300.00, with the current price stable at $68,744.85—significantly down from yesterday’s high. The core reason behind this movement is the concentrated release of profit-taking pressure. Combining the latest market news and key data, this article thoroughly analyzes the causes of this reversal, the subsequent trend, and potential risks.
1. Market Highlights: From breaking $70k to falling below $69,000 in 24 hours— a rollercoaster yesterday (April 6), the crypto market experienced a brief rally. Bitcoin strongly broke through the $70k threshold, setting a new high in April, boosting market sentiment—Santiment’s tweet showed that the greed index hit its third-highest level in nearly three months, with most investors expecting the rally to continue, and market optimism peaked. However, this optimism didn’t last long, and today’s reversal occurred. On April 7, TradingView data shows that after Bitcoin hit a new high of $70,275 on Bits, it quickly entered consolidation and then started to decline, eventually falling below the $69,000 support level. As of press time, the 24-hour high was $70,351.46, the low was $68,300.00, and the current quote is $68,744.85—indicating a clear short-term correction, perfectly aligning with Santiment’s warning: market movements often contradict public expectations. Notably, this “near $70k to $80k range then correction” pattern is not new. An analysis article on X pointed out that since February 2026, every attempt by Bitcoin to test this range has faced liquidity shortages and profit-taking pressures, limiting rebounds. This time was no exception, as the market saturation has become increasingly evident.
2. The Culprit of the Reversal: Concentrated profit-taking pressure release and internal market forces under stress The main reason for Bitcoin’s retreat from $70,000 and fall below $69,000 isn’t external negative shocks but internal market dynamics—specifically, the concentrated release of profit-taking pressure, which has become the key factor crushing the short-term rally. On-chain analysis platform Glassnode clearly states that when Bitcoin’s price approached the $70,000 region, hourly realized profits surged above $20 million. This data indicates that the local market is already saturated. Many investors, after Bitcoin broke through $70,000, chose to cash out gains and lock in profits. This concentrated selling directly caused the price to decline, forming a profit-taking correction. According to market laws, since February 2026, Bitcoin has struggled to effectively break through the $70,000–$80k resistance zone. The core issue is the dual suppression of liquidity shortages and profit-taking. Whenever the price nears this zone, early investors tend to exit, while new funds struggle to absorb the selling pressure, leading to price corrections and a “rise and fall” cycle. This recent movement is a repeat of that pattern.
3. Key Signals Breakdown: Greed index, hash rate, liquidation data reveal hidden risks and opportunities Behind the market reversal, several key signals deserve close attention—they reveal the inevitability of this correction and hint at future trends, especially the decline in hash rate and liquidation risks, which require vigilance.
Signal 1: Greed index hits three-month high, beware of “contrarian indicator” effect
Around 11:25 PM on April 6, Santiment tweeted that Bitcoin’s greed index reached its third-highest level in nearly three months. Social data shows most investors expect the rally to continue, and market optimism is strong. However, Santiment also warned that historical experience shows market movements often go against public expectations; excessively high greed can serve as a “contrarian indicator” for a market reversal. This warning is backed by history—many times, after the greed index peaks, the market experiences a correction. When most market participants are bullish, it often signals the short-term rally is nearing its end, and profit-taking increases significantly. The rapid correction after the greed index hit a new high in Bitcoin confirms this pattern and reminds investors not to be blinded by short-term optimism.
Signal 2: Global hash rate drops to 1004 EH/s, mining industry under pressure may impact coin price support
According to Wu’s Blockchain latest news, in Q2 2026, the global Bitcoin hash rate fell to about 1004 EH/s, a decrease of approximately 5.8% quarter-over-quarter. This data reflects significant pressure on the Bitcoin mining industry. The main reason is that, compared to the 2025 high, the price has fallen about 50%, leading to mining revenues dropping to historic lows. Some older mining rigs, unable to cover costs, have been shut down, pulling down the global hash rate. In terms of distribution, the concentration remains high, with the US, Russia, and China accounting for about 65%. Meanwhile, emerging markets like Kyrgyzstan and Paraguay, leveraging low-cost energy and new equipment, have achieved countercyclical growth in hash rate. It’s important to note that hash rate is a core support for network stability. A decline not only affects security but may also weaken market confidence in Bitcoin. Long-term, if hash rate remains low, it could further suppress price growth. This is a key variable to watch. Since Bitcoin mining and price are interdependent, low mining rewards and declining hash rate weaken supply-side support, increasing volatility.
Signal 3: High liquidation risk, $65,986 becomes a critical support level
Besides profit-taking and hash rate decline, liquidation risk is another major hidden danger. Latest data shows that if Bitcoin falls below $65,986, the liquidation of long positions on major centralized exchanges (CEXs) could reach $70k; conversely, if it breaks above $72,826, the short position liquidations could reach $846 million. This indicates high leverage activity and intense long-short battles. If Bitcoin continues to decline and breaks below $65,986, it could trigger large-scale long liquidations, causing a “liquidation cascade”—exchanges forcibly close long positions, further pushing prices down, triggering more liquidations, and increasing short-term volatility. Conversely, breaking above $72,826 could trigger significant short liquidations, pushing prices higher. This high leverage liquidation risk adds uncertainty to future movements and warns investors to be cautious with leverage to avoid margin calls. The crypto liquidation mechanism is inherently zero-sum: one side’s loss equals the other’s gain. High leverage amplifies this effect, and a reversal can lead to substantial asset devaluation.
4. Future Trend Outlook: Short-term consolidation, focus on two key support and resistance levels Combining current signals, profit-taking pressure, hash rate, and liquidation data, Bitcoin’s future will likely be characterized by sideways consolidation, with increasing battles between bulls and bears. The key depends on whether two critical levels are broken or held.
Short-term (1-3 days): Profit-taking pressure will continue to release, and Bitcoin is likely to fluctuate between $68,300 and $69,500.
- $68,300 is the recent low during the correction, serving as short-term support.
- $69,000 is a previous key support level; if broken, it will turn into short-term resistance. Failure to recover quickly could test the critical support at $65,986, raising liquidation risks. Additionally, the market’s high greed sentiment needs time to digest, making a strong upward move unlikely in the short term.
Medium-term (1-2 weeks): The trend depends on two core variables—the extent of profit-taking release and hash rate changes.
- If profit-taking subsides, new funds enter, and hash rate gradually recovers, Bitcoin could revisit the $70,000 level and even challenge the liquidation pressure at $72,826.
- If hash rate continues to decline and Bitcoin drops below $65,986, triggering large-scale long liquidations, further correction is possible, testing lower support levels.
Market sentiment will also be a key factor—if greed cools and investors become more rational, short-term speculation may decrease, easing volatility.
Long-term (1-3 months): Bitcoin’s trend remains closely tied to macroeconomic conditions and institutional strategies.
- Although the current hash rate decline impacts confidence short-term, as prices rebound, mining rewards improve, old miners restart, and new equipment is deployed, hash rate may gradually recover.
- Meanwhile, institutional long-term holdings continue, providing long-term support for prices.
However, persistent “rise and fall” cycles could weaken investor confidence and affect long-term trends.
5. Risk Warning (Must Read): Given the intense bull-bear battles, risks and opportunities coexist. Investors should remain rational and be aware of the following risks:
Profit-taking risk: Short-term profit-taking pressure persists. If Bitcoin cannot quickly recover $69,000, further declines and long liquidation may occur.
Liquidation risk: $65,986 is a key support level. Falling below it could trigger $70k in long liquidations, increasing volatility. High-leverage traders should control positions timely.
Hash rate decline risk: Continued global hash rate decrease may impact network security and confidence, suppressing long-term price growth.
Sentiment reversal risk: Market greed remains high. If the correction continues, it could trigger sentiment reversal and panic selling.
Resistance zone: The $70,000–$72,826 range faces strong resistance, making breakout difficult in the short term and potentially limiting rebounds.
6. Summary: Rational view after greed-driven correction—avoid blindly following the trend
Bitcoin’s rapid reversal from breaking $70,000 and hitting a three-month high in greed index to falling below $69,000 is a market law in action—profit-taking pressure release, resistance in the $70,000–$80k zone, and the “contrarian indicator” effect of greed all contributed to this correction. For investors, the key is to stay rational and not be swayed by short-term fluctuations: short-term traders should focus on whether $68,300 support and $69,000 resistance are broken, avoid high-leverage liquidation risks, and refrain from impulsive chasing or panic selling; long-term investors can ignore short-term volatility, monitor hash rate recovery and institutional trends, and make rational decisions based on their risk tolerance.
