Bitcoin (BTC) experienced a significant downturn on April 10, 2025, decisively breaking below the critical $65,000 support level. According to real-time data from Binance's USDT perpetual futures market, BTC was trading at $64,981.63, marking a notable retreat from recent highs. This movement triggered a cascade of liquidations, with over $450 million in long Bitcoin positions being liquidated across exchanges in the surrounding 12 hours.
Prominent cryptocurrency trader DonAlt, who commands approximately 710,000 followers on social media platform X, issued a stark warning about Bitcoin's current market behavior, describing recent price action as "disappointing." The analyst emphasized patience and strategic positioning, warning against premature long positions. DonAlt's technical assessment suggests that only a decisive break above $71,000 would justify aggressive bullish strategies, while entering positions below this threshold risks "slowly accumulating losses." He identifies $42,000 as a major support zone for potential buying and $86,000 as a level signaling a new bullish phase.
The drop below $65,000 was driven by multiple converging factors. Shifting macroeconomic expectations played a key role, with renewed uncertainty about the Federal Reserve's interest rate path creating headwinds for risk assets. On-chain data from firms like Glassnode showed a spike in Bitcoin transfers from older wallets to exchanges, signaling potential selling readiness among long-term holders. The Crypto Fear & Greed Index retreated from "Greed" to "Neutral," reflecting a cooling of bullish sentiment.
Technical analysts note that the current trading range between approximately $60,000 and $70,000 represents one of the longest consolidation periods since the 2021 bull market peak. The 200-day moving average provides dynamic support around $58,000, while the next significant support cluster is identified between $60,000 and $62,000, aligning with the 50-day simple moving average.
Market structure analysis reveals complex conditions, with higher timeframe charts suggesting accumulation patterns while lower timeframe analysis indicates distribution characteristics. This divergence creates challenging conditions for traders attempting to establish clear directional bias. DonAlt's commentary specifically addresses this structural ambiguity by advocating for patience until clearer signals emerge.
Historical context provides perspective: similar 5-10% pullbacks occurred in January 2024 (-12% over 18 days) and August 2024 (-9% over 24 days). The current correction of approximately 7% from recent highs remains within historical volatility bounds. Analysts from Fidelity Digital Assets and ARK Invest note that such mid-cycle corrections often shake out weak leverage before resuming a primary trend, emphasizing that Bitcoin's network fundamentals—hash rate and active address count—remain near all-time highs.
