Bitcoin Falls for Four Consecutive Sessions as Macro Pressures Increase and the U.S. Dollar Strengthens

Bitcoin has recorded four consecutive declining sessions, falling back to around $65,600 after failing to sustain its upward momentum above the key resistance zone near $74,000. This development suggests that the previous bullish momentum has weakened as the market begins to face headwinds from both capital flows and the broader macroeconomic environment.

Earlier, Bitcoin experienced a strong rebound as the market welcomed significant inflows into Bitcoin ETFs. In the first three trading sessions of March, total net inflows into Bitcoin ETFs reached nearly $1.145 billion, reflecting growing interest from institutional investors and helping support the rally of the largest cryptocurrency in the market.

However, these capital flows have shown signs of instability. Data from SoSoValue indicates that on March 6 alone, Bitcoin ETFs recorded a net outflow of $348.83 million. This rapid reversal in capital flows highlights the market’s sensitivity, as institutional allocation decisions can significantly influence short-term price movements. In the current environment, ETF flows continue to be viewed as one of the key factors shaping Bitcoin’s medium-term trend.

Beyond capital flows, the macroeconomic and geopolitical environment has also begun to weigh on the cryptocurrency market. Escalating geopolitical tensions have shifted sentiment in global financial markets toward a risk-off stance, as investors reduce their exposure to risk assets. In this environment, the strengthening U.S. dollar has started to exert pressure on risk-sensitive assets, including cryptocurrencies.

Nevertheless, some on-chain data points to notable developments. According to The Coin Republic, approximately 32,000 BTC have been withdrawn from cryptocurrency exchanges in recent periods. This movement is often interpreted as a signal that investors are transferring assets into long-term storage rather than keeping them on exchanges for short-term trading. However, this signal is not sufficient to confirm the start of a new bullish cycle and may instead reflect a phase of re-accumulation amid ongoing market volatility.

From my perspective, although Bitcoin’s short-term trend remains tilted to the downside, the ability of the price to maintain consolidation above the key support zone near $60,000 could open the door for a medium-term recovery. Conversely, if this rebalancing attempt fails and the support level is broken, Bitcoin may face deeper downside pressure toward the $50,000 region. At that point, the market may need to establish a new equilibrium zone before sufficient momentum emerges to support another recovery attempt.