On March 30, the leading cryptocurrency fell to $65,112, marking a new low since late February. By the opening of Asian trading, the asset’s price had recovered to $67,400.
Altcoins supported the local rebound: Ethereum rose to $2042, Solana to $83.4, and XRP to $1.35. However, the weekly chart remains bearish overall. Exceptions were Ethereum and TRX, which gained 0.3% and 5% respectively.
The cryptocurrency market is under pressure from a negative macroeconomic backdrop and rising commodity prices. Brent crude oil has increased to $115 per barrel, and industrial metal prices are also climbing. Asian stock indices have fallen by more than 3%. The rising cost of raw materials heightens inflationary risks, causing investors to doubt a quick reduction in the Federal Reserve’s key rate.
Meanwhile, the number of long positions on the BTC/USD pair on the Bitfinex exchange reached 79,343, the highest since November 2023.
Historically, this metric acts as a counter-indicator, explained CoinDesk analyst Omkar Godbole. The rise in bullish positions often coincides with local price peaks, followed by sharp declines. The current accumulation of longs indicates a high risk of ending the consolidation in the $65,000-$75,000 range with a deep sell-off.
On-chain analyst Willy Woo believes that Bitcoin will find a bottom in the range of $46,000 to $54,000. The CVDD metric is currently at $45,500.
Old school onchain models suggest a BTC bottom between 46k-54k. Also hints at how much time we have to wait.
Orange line correlates to the capital stored in BTC and it has been leaving since November.
CVDD Floor Model has the advantage of climbing over time, 45.5k right now. pic.twitter.com/PrfFTgwAyA
— Willy Woo (@willywoo) March 30, 2026
Woo also warned that a potential end to the global bull trend in the stock market could push cryptocurrencies even lower.
Joao Wedson, founder of the Alphractal platform, confirmed this forecast. The expert noted a significant drop in the realized price of assets among short-term investors.
Short-Term Holder Realized Price has dropped significantly recently, and this is a sign that the pricing for a potential bottom has also moved lower.
Now, the blue line I mentioned earlier is even lower, which could confirm that Bitcoin may form a bottom around $50K or slightly… https://t.co/QKx3rVXZzV pic.twitter.com/qIRlgLd58e
— Joao Wedson (@joao_wedson) March 29, 2026
According to his calculations, the potential market reversal point has shifted to around $50,000 or slightly lower. Wedson advised traders to closely monitor on-chain metrics and set alerts at these levels.
Earlier in March, analysts at JPMorgan stated that Bitcoin is weathering the Iranian crisis better than major precious metals.