April 3rd | After the big cake’s sharp drop, recovery on-chain / news / technicals are all sorted out

Current price: 66800
24h high/low: 65712-69171, that sell-off yesterday was brutal—today is just technical rebound from oversold conditions; don’t treat it as a reversal!

One sentence to make it clear

After yesterday’s plunge, today is only an oversold rebound—not a trend reversal!
Resistance levels are 67200-67800, and strong support is in the 65500-65700 range.

Market breakdown

Yesterday, it was smashed straight from 69500 to 65712; the single-day drop was over 6%, leaving many people completely stunned. From midnight to the morning, it pulled back to around 67000; this was purely a technical repair after oversold conditions—there was no large capital entering to pump the price.

The 4-hour chart still favors the bears, with volume so weak it’s ridiculous—every time it spikes, sell pressure comes in to smash it down.

Over 150,000 liquidation events in the past 24 hours; $474 million is gone in an instant. Leverage positions have basically been cleaned out.

News breakdown

On-chain whales are moving coins to cold wallets to avoid risk. Institutions haven’t stepped in to buy the dip at all—only short-term funds are flipping back and forth, and the market has no staying power.
The Middle East situation remains unsettled. Trump said he wants to wrap up the Iran war, but there’s no solid proof—risk-averse sentiment hasn’t eased, so for the big cake to break out and keep rising is getting harder and harder.
ETF net outflows continue; in the past few days, there were daily outflows of one to two hundred million dollars. Even though they’ve reduced over the last two days, they’re still flowing out. With no incremental capital to support it, a rally isn’t going to be possible.
Federal Reserve policy expectations are swinging back and forth. Expectations for rate hikes and rate cuts are being pulled against each other repeatedly, and the market direction is completely chaotic.

Practical strategies

✅ Big cake 67200-67800 range: set up light short positions, with a stop-loss placed above 68300
✅ Big cake 65500-65800 range: try small long positions, with a stop-loss placed below 65000
⚠️ Core reminder: Don’t chase the highs, don’t go all-in—control your position size. Wait until the trend is clear before acting to avoid getting cut repeatedly both ways!

Not sure when to enter, bamboo leaf
$BTC