Bitcoin Slips Back to $65,000 After Short-Lived Rebound
On-chain data reveal significant Bitcoin accumulation around the $67K level, where more than 600,000 BTC have established their cost basis.
Quick overview
- Bitcoin is down 2.5% in the last 24 hours, trading around $65,273.70, while Ethereum has fallen 4% to $1,915.32.
- The overall crypto market is retreating, with major altcoins like Ripple and Solana also experiencing declines.
- Bitcoin's monthly performance shows a significant drop of 25.73%, influenced by geopolitical uncertainty and market volatility.
- Analysts suggest that Bitcoin is not yet in an optimal buying zone, with a potential drop below $55,000 needed for a more attractive accumulation phase.
The world’s leading cryptocurrency had previously benefited from a short-covering rally and strong performance on Wall Street.
The crypto market is retreating in Friday’s session. After opening the day in positive territory, Bitcoin (BTC) is down 2.5% over the past 24 hours, trading around $65,273.70.
In the same vein, Ethereum (ETH) is falling 4% to $1,915.32. Most major altcoins are also in the red, with Ripple (XRP) down 3.7% and Solana (SOL) lower by 4.3%.
Risk appetite remains fragile
After Bitcoin extended gains on Wednesday and Thursday following a massive short liquidation, which briefly restored confidence in the leading cryptocurrency, overall risk appetite has remained subdued.
Bitcoin is still down 25.73% on a monthly basis, weighed down by rising geopolitical uncertainty, which has recently intensified due to the tariff policies of U.S. President Donald Trump. At the same time, markets remain cautious about the potential economic impact of artificial intelligence (AI). Broader risk sentiment has also been influenced by volatility on Wall Street.
Options expiry and on-chain signals
On Friday, $8.74 billion in Bitcoin and Ethereum options are set to expire. This represents nearly 20% of total open interest, a level that typically triggers hedging adjustments and tactical positioning in the spot market.
On-chain data reveal significant Bitcoin accumulation around the $67,000 level, where more than 600,000 BTC have established their cost basis, reinforcing this zone as a potential emerging support area.
However, if BTC fails to reclaim $67,000 in the short term, that level could shift from being perceived as support to resistance, limiting rebound potential and capping recovery attempts.
From a valuation perspective, analysts argue that it is not yet an optimal buying zone. The MVRV (Market Value to Realized Value) indicator suggests that the most attractive “deep value” accumulation phase typically appears when MVRV falls below 1 — which, in price terms, would imply a drop below $55,000 for Bitcoin.
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