After a volatile start to the week, the Bitcoin price traded in a narrow range throughout the day in the absence of any major catalysts to drive a decisive recovery. The premier cryptocurrency struggled to maintain footing above the $67,000 mark for the better part of the day, as traders remained sidelined ahead of the delayed US Non-Farm Payrolls report and upcoming inflation data. The total crypto market cap continued its downward trajectory for the third straight day this week, settling at approximately $2.35 trillion after dropping nearly 3% in the past 24 hours. This decline reflects broader liquidation pressure as leveraged positions continue to be flushed out across major exchanges. Market sentiment remains fragile in the meantime, plagued by persistent macroeconomic uncertainty and geopolitical tensions. The Crypto Fear and Greed Index has fallen back to a reading of 9, firmly ensconced in Extreme Fear, its lowest level since the 2022 bear market. Although the broader altcoin market remains subdued due to Bitcoin’s lack of momentum, a few select outliers among the top 100 projects have defied the trend. Leading gainers locked in double-digit profits today, supported by project-specific catalysts. Why is Bitcoin price stuck? Bitcoin price remained within a tight band between $66,459.67 and $69,876.75 throughout the day, as both institutional and retail participants refrained from placing aggressive directional bets. Trading desks largely adopted a defensive posture ahead of the long-delayed US Non-Farm Payrolls report, aware that any surprise in the labour data could rapidly alter expectations around the Federal Reserve’s policy path for 2026. Earlier in the session, price action reflected that caution. Attempts to reclaim levels above $69,000 repeatedly stalled, with visible supply emerging near intraday highs. Order books appeared thin, and derivatives data suggested reduced open interest as traders cut exposure rather than add fresh leverage. A negative Coinbase premium further hinted that US-based institutions were quietly distributing into minor strength, effectively placing a ceiling on upside attempts. The release of the payroll data later in the day provided the catalyst that the market had been bracing for. January’s print came in stronger than expected, reinforcing the view that the labour market remains resilient. In isolation, that signals economic health. In a late-cycle environment, however, it raises the likelihood that the Federal Reserve may keep interest rates elevated for longer in order to contain inflationary pressures. The immediate response was visible across asset classes. The US Dollar strengthened, Treasury yields edged higher, and risk-sensitive assets retreated. Bitcoin slipped below the $67,300 support zone and quickly gravitated toward the lower end of its intraday range near $66,800. After a full day of sideways action, many traders had pulled back, draining liquidity from the books. That left very little buy-side support once the sell orders started to pile in, creating a mini vacuum that accelerated the decline. One of the few stabilising forces came from spot Bitcoin ETFs, which have started to show modest signs of life after weeks of redemptions. Funds like BlackRock’s IBIT and Fidelity’s FBTC recorded three straight days of positive flows, adding around $166.6 million. While not enough to fuel a recovery, these inflows helped absorb some of the selling and likely prevented the price from unravelling toward the $60,000 zone. For now, Bitcoin remains caught between macro headwinds and structural demand. Elevated fear readings, thinning speculative liquidity, and persistent selling into strength have kept rallies muted. With CPI data due later this week, the market appears unwilling to commit until there is clearer guidance on the inflation trajectory and, by extension, the Federal Reserve’s next move. Will Bitcoin price recover? Whether Bitcoin can stage a recovery in the immediate term depends on its ability to weather the technical and psychological fallout of today’s price action. Analysts suggest that the next 48 to 72 hours are critical; if the $66,000 level fails to hold, the market could see a deeper retracement toward the $60,000–$62,000 range, where a significant cluster of whale buy orders is reportedly waiting. Conversely, a reclaim of the $69,000 resistance would be required to signal that the current Extreme Fear has been exhausted and that a genuine trend reversal is underway. The path forward is further complicated by the upcoming Consumer Price Index (CPI) data. A cooler-than-expected inflation reading could counteract today’s bearish NFP reaction, providing the risk-on spark needed to propel Bitcoin back toward the $75,000 mark. Until then, the market appears trapped in a deleveraging cycle, with high-leverage traders being systematically purged to make way for more stable, spot-driven price discovery. Looking further into 2026, the institutional narrative remains the primary counterweight to short-term macro headwinds. Despite the current price slump, the rapid decline of Bitcoin reserves on exchanges, reaching levels not seen since the 2023 banking crisis, suggests a growing supply shock. Analysts from firms like Bernstein maintain that as long as ETF absorption continues at its current pace, the weakest bear case in Bitcoin’s history may eventually give way to a significant second-half rally, with some projecting a recovery toward the $85,000–$100,000 range by year-end. On X, analysts remained divided over Bitcoin’s next move. According to well-followed analyst and trader Gert van Lagen, Bitcoin’s recent wick down to the $60,000 range may have marked the end of a broader corrective structure, potentially completing Wave 4 in an expanded flat pattern. See below. Bitcoin price chart. Source: Gert van Lagen on X. He suggested that as long as the price holds above the $31,000 invalidation level, the path is open for a powerful Wave 5 rally, one that could eventually push Bitcoin higher over the coming months. Others like pseudonymous crypto analyst Borg were far more bearish, openly calling for a deep reset toward $30,000, a level which, according to the analyst, would serve to purge excessive speculation and cleanse the broader market of weak hands and overleveraged participants. “Send $BTC to $30k and clean the ecosystem ! It’s inevitable,” the analyst wrote. As of last check, Bitcoin price had attempted a failed reclaim above $67.5k, hitting resistance near the day’s peak before settling around $67,600 as selling pressure intensified following the US labor data release. Top altcoin gainers In the past 24 hours, the altocin market cap initially rose from $1.02 trillion to $1.06 trillion before stabilizing at around $1.03 trillion at the time of writing. Ethereum (ETH) seesawed between the $1,900-$2,100 range and was perched at a little under $2,000 at press time, down 2% over the daily session. Other large-cap cryptocurrencies such as XRP (XRP), BNB (BNB), Solana (SOL), and Dogecoin (DOGE) recorded losses ranging between 2-4%. The majority of the remaining top 100 altcoins were also in the sea of red, with the top losers being MYX Finance (MYX) with double-digit losses of 29%, while Bitget Token (BGB) and Lighter (LIT) led losses of 8% each. The leading gainer of the day was LayerZero (ZRO), which surged by over 42%, fueled by the announcement of its upcoming Layer-1 blockchain, Zero, which aims to achieve two million transactions per second through zero-knowledge proofs. The rally was further strengthened following strategic investments from Citadel Securities, ARK Invest, and Tether, as well as the addition of Cathie Wood to the project’s new advisory board. Uniswap (UNI) also saw gains of nearly 25%, driven by a landmark integration with Securitize to make BlackRock’s BUIDL fund shares tradable via UniswapX technology. This collaboration allows whitelisted institutional investors to access near-instant liquidity between tokenized real-world assets and USDC, marking a major step in bridging DeFi with traditional finance. As for Pippin (PIPPIN), its 20% gains were supported by a massive buildup in the derivatives market, with open interest hitting a yearly high of $187 million. The token’s performance was further amplified by speculative trading around its AI + Meme narrative. Source: CoinMarketCap The post Why Bitcoin fell below $67K after strong US jobs data appeared first on Invezz
