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Bitcoin’s weekly trajectory began on an optimistic note but ended with significant headwinds. After reaching $74,000 on Thursday, BTC reversed course sharply, falling to approximately $68,000 by Saturday morning—down 3.4% over 24 hours.
The decline followed disappointing U.S. employment figures released by the Bureau of Labor Statistics. The U.S. economy shed 92,000 jobs in February, versus economists’ expectation of a 50,000 increase. The unemployment rate also rose from 4.3% to 4.4%.
Equity markets absorbed the shock as well. The Dow Jones Industrial Average fell by more than 900 points in early Friday trading, while the Nasdaq Composite declined 1.7%.
Broader crypto markets mirrored Bitcoin’s weakness. Ethereum fell 4.4% to $1,974, Solana dropped 4% to $84.31, Dogecoin retreated 2.9% to $0.09, and XRP decreased 2.2% to $1.37.
Despite Friday’s selloff, many major tokens still finished the week higher: Bitcoin gained 3.6% over the seven-day period, Ethereum rose 2.6%, and BNB increased 2.1%.
According to Santiment, large holders—addresses containing between 10 and 10,000 BTC—accumulated positions from February 23 through March 3 while Bitcoin traded between $62,900 and $69,600. After BTC broke above $70,000 and reached $74,000, those same addresses reportedly sold about 66% of their recent accumulation.
Santiment also noted that smaller investors—wallets holding less than 0.01 BTC—continued accumulating. The analytics suggested this divergence often points to additional downside ahead.
ETF flows added to the pressure. Spot Bitcoin ETFs recorded $348.9 million in net redemptions on Friday, the largest single-day withdrawal since February 12. Separately, reported Ethereum ETF outflows totaled $82.9 million on Friday, with BlackRock selling $4.8 million in Ethereum.
Analysts cited the $67,000–$68,000 area as a critical support zone. One warning noted that if Bitcoin fails to hold support in that range, it could retest the lows.
Macro conditions also weighed on sentiment. The U.S. dollar posted its strongest weekly advance in a year. Oil prices climbed, with Brent crude reaching $90 per barrel—up more than 20% over the week—while persistent Middle East tensions raised inflation concerns and reduced expectations for near-term Federal Reserve rate cuts.
Glassnode analytics indicated that 43% of Bitcoin’s circulating supply is underwater, a dynamic that can increase selling pressure during rallies as holders seek breakeven.
At the same time, net stablecoin inflows surged 415% to $1.7 billion over the week, suggesting capital remains on the sidelines. Economist Timothy Peterson added that Bitcoin’s current price range has historically acted as a floor, citing a 99.5% statistical probability that BTC holds above $60,000.
Market sentiment deteriorated as well: the Crypto Fear & Greed Index fell to 12 on Saturday, placing Bitcoin firmly in “Extreme Fear” territory.
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