Bitcoin (BTC) is currently trading sideways near the $68,000 level, consolidating within a range of $65,000 to $72,000 that has persisted since early February. The price today is approximately $67,864, reflecting a modest 0.59% increase over the past 24 hours as the asset attempts to extend its recovery from a February low near $60,000.
Market data reveals a mixed picture: Bitcoin's open interest has climbed 2.70% to $44.65 billion, while trading volume has risen 1.11% to $51.65 billion. Despite a significant 46% price crash from its October 2025 highs above $126,000, U.S. spot Bitcoin Exchange-Traded Funds (ETFs) continue to hold a substantial $85 billion in assets.
However, a critical analysis from 10x Research, highlighted by analyst Markus Thielen, warns that this apparent resilience masks a different reality. Thielen cautions that an estimated 55% to 75% of the assets in these Bitcoin ETFs are owned by hedged market makers and arbitrageurs, rather than by long-term, conviction-driven investors. This high level of hedging suggests the underlying demand may be weaker than the headline asset figures imply.
The technical outlook remains cautious. Bitcoin price is currently trading below its Supertrend indicator at $77,783 and below the Parabolic SAR at $62,238. Bollinger Bands indicate a tight consolidation range, reflecting the current market indecision and low volatility.
Market sentiment is being pressured by recent outflows from U.S. spot Bitcoin ETFs, which totaled $105 million and are capping short-term bullish rallies. Recent liquidations in the market have also reached $193 million, underscoring the ongoing high risk for traders. Bulls point to strong historical support near $50,000 and Bitcoin's perceived undervaluation relative to assets like gold. Conversely, bears warn that a break below key technical levels could trigger a deeper correction toward the $48,000 to $42,000 range.
