Bitcoin has shown resilience, pulling back nearly 2% over the past 24 hours but maintaining support above the $74,000 level. According to Coin Bureau macro analyst Nic Puckrin, Bitcoin has seen strong support around $74,000, with the cryptocurrency remaining in a bear market as it sits more than 40% below its October peak. Despite the recent pullback, the world's largest cryptocurrency has outperformed other assets since the Iran war broke out, though it faces continued pressure from macro uncertainties.
According to reports from AMBCrypto, Bitcoin's price retreated from the $100K–$110K zone toward the mid-$70K range, reflecting short-term uncertainty. During this phase, mega-whales above 10k BTC distributed roughly 25,500 BTC, locking in gains. However, sharks holding 100–1,000 BTC absorbed about 37,920 BTC over thirty days, offsetting this supply. This rotation shows mid-tier players stepping in as price weakens, reinforcing a defensive base. As noted by Puckrin, this accumulation pattern suggests whales are positioning for potential further downside, with bear market range between $55,700 and $58,200 expected in coming months.
As reported by AMBCrypto, Exchange Reserves hovered around 2.6 million BTC, marking a multi-year low. This suggests that coins moved off exchanges into long-term custody, tightening supply. If demand returns, this structure can support upside, while weak participation may delay expansion. The report indicates that Bitcoin remains supply-driven under macro pressure, where a breakout hinges on easing conditions that allow accumulated supply to meet returning demand.
According to AMBCrypto, spot ETFs bought nearly 19,000 BTC in five days, far exceeding miner output. These flows tighten liquid supply, reinforcing a structural floor. The Fear and Greed Index approached 48, with retail sentiment remaining cautious. Whales accumulate while retail sales offer liquidity, creating an arrangement that can spur growth if conviction grows, but hesitancy could prevent follow-through even in the face of increased structural demand. Puckrin emphasizes that without this final flushout, it's hard to see a clear path to a fresh Bitcoin bull phase.
As reported by AMBCrypto, markets approach the April 28 FOMC meeting with positioning tightening as uncertainty builds around policy direction. Traders anticipate the Fed will hold rates steady amid the Iran conflict, which clouds the inflationary outlook. The 10-year Treasury yield held near 4.31%, reflecting firm financial conditions and raising the opportunity cost of holding non-yielding assets like Bitcoin. This level pressures risk appetite, with capital tending to shift toward safer instruments, limiting inflows into crypto. The ongoing Middle East conflict continues to create uncertainty about economic impact, with policymakers waiting to assess how severe the ripple effects will be through the summer and into fall.
