Bitcoin Decline Deepens as Selling Pressure Intensifies

• Bitcoin drops below $70K as $61.7M liquidations signal intensified market pressure.
• Bearish trend holds with lower highs, failed $71K support, and strong trading activity.
• Retail inflows spike during volatility, aligning with key Bitcoin price movements.

Bitcoin fell below $70,000 in the latest trading session, reflecting ongoing downside pressure across both spot and derivatives markets. Data from Binance showed BTC trading near $70,096, marking a 5.18% decline over 24 hours, after hitting an intraday low of $69,478.51.

The move coincided with an increase in liquidations, with CoinGlass reporting $61.71 million wiped out in a single hour, including $59.76 million in long positions and $1.95 million in shorts.

Downtrend Structure and Market Activity Intensify

Intraday chart data shows a bearish structure, with Bitcoin falling from a recent high near $74,281 and forming consistent lower highs and lower lows. On shorter timeframes, price action remained below key moving averages, signaling continued selling pressure. In addition, a consolidation attempt around the $71,000 level failed to hold, leading to further downside extension.

Moreover, the trading activity remained high during the decline. Binance data shows more than 25,458 BTC traded over the past 24 hours, while separate market data recorded a total volume of $51.88 billion, up 4.71%.

Retail Inflows Align With Volatility Events

On-chain data from CryptoQuant displays a rise in retail-driven exchange inflows during periods of market movement. A single-hour inflow of $131.8 million into Binance on March 11 marked the largest spike in recent months. Additional inflow clusters were recorded between January 14 and February 7, as well as on March 4–5, March 13, and March 16, each coinciding with a price movement.

The data show that smaller wallet cohorts, particularly those with transactions ranging from 0–0.001 BTC and 0.001–0.01 BTC, consistently contributed to exchange inflows.

Larger transactions in the 1–10 BTC and 10–100 BTC ranges appeared less frequently but aligned with periods of heightened volatility. Across the first quarter, these inflow patterns repeatedly occurred during or immediately after price swings. 

Related: Bitcoin Could Drop 56% in U.S. Midterm Year Election Years: Binance Report