I just reviewed the charts and Bitcoin is still under pressure. It fell below $66,000 this week, wiping out almost all of its gains. The problem is that all signs point to more serious macroeconomic risks. Inflation in the U.S. came in stronger than expected, so the rate cuts everyone was expecting are being pushed back. That has everyone scared.

It's not just Bitcoin. Ethereum, XRP, and Solana dropped in a similar pattern, and cryptocurrency stocks plummeted even more. MicroStrategy lost 3%, Coinbase fell more than 2%. Even miners involved in AI are suffering, losing between 6% and 8%. The Nasdaq dropped 0.8%, and the S&P 500 also declined. It’s a widespread risk aversion movement.

Meanwhile, money is flowing into safe havens. Gold rose 1% and surpassed $5,230 an ounce, silver increased by 4%. 10-year Treasury bonds fell below 4% for the first time since November. According to traders, Bitcoin is likely to stay in a range between $72,000 and $54,000 in the coming months. An analyst mentioned that March has historically been weak for cryptocurrencies, so it’s best to stay cautious for now.