Overview
- Bitcoin, which fell sharply Friday, trades near $65,000 after a 53% retreat from its October 2025 peak of about $126,000.
- Options pricing signals caution for April, with Deribit data implying roughly a 50% chance the price stays below $66,000 and a jump in demand for put protection.
- On‑chain cost maps show dense resistance above current levels, including a new‑whale cost basis near $82,800 and a short‑term holder realized price around $86,900.
- Support sits lower on the chart, with cohorts clustered near $58,900 and $55,900 and a broader realized‑price floor around $54,300 that many analysts view as the macro line to watch.
- Research groups flag thin trading and fewer active addresses, while reports note selective OTC buying by large players and reduced miner selling, and Goldman Sachs says the drawdown looks near past-cycle averages even as volumes may weaken further.