The crypto market’s recent recovery faded

Bitcoin’s price has sharply declined over the past several hours. According to Coinglass data, nearly $90.56 million in BTC positions were liquidated

The crypto market’s recent recovery fizzled out on Friday as a sharp sell-off wiped out nearly all weekly gains. Investor mood soured amid concerns over President Trump’s upcoming tariffs, which are set to be announced on April 2, and stronger-than-expected core PCE data.

As Bitcoin faced rising selling pressure below $85,000, it’s set for its worst quarter since 2018, setting the stage for a March closure below the critical $80,000 level.

Bitcoin To Face Worst Q1 Since 2018

Bitcoin price saw a sharp decline in the past several hours. According to Coinglass data, nearly $90.56 million in BTC positions were liquidated, including $79.3 million from buyers and about $11.25 million from sellers.

This recent price drop puts Bitcoin on track for its worst Q1 performance since 2018. Data from CoinGlass shows Bitcoin declined about 11.86% in Q1 2025, slightly worse than the 10.83% loss in Q1 2020, but a far cry from the 49.7% decline seen in Q1 2018.

Bitcoin’s open interest dropped by about 4.5% in the past 24 hours, moving closer to a low of around $54 billion. The decrease in open interest indicates reduced trading activity among BTC traders, which could translate to lower volatility and a more cautious market attitude in the short term.

Moreover, the long/short ratio saw a notable decline, now arriving at 0.6051. This metric indicates that roughly 62.3% of traders are now anticipating a continuation of the downward price trend for Bitcoin, while around 38% are optimistic about a potential rebound. Overall, these figures highlight a growing bearish sentiment among traders.

Bitcoin ETF Inflow Streak Breaks After 10-Day Surge

Adding to the bearish sentiment, Bitcoin ETFs saw notable outflows, potentially pushing BTC closer to the $80K level. Fidelity’s FBTC fund alone saw $93.16 million in outflows on Friday, ending a 10-day streak of inflows—the longest this year.

It’s worth noting that FBTC had seen $97.14 million of inflows just the previous day, according to SoSoValue. Trading volume across all U.S. Bitcoin ETFs rose slightly on Friday, reaching around $2.22 billion.

What’s Next For BTC Price?

Bitcoin has faced increased selling pressure recently, pushing the price to break through crucial Fibonacci support levels and hit a low of around $81,644. Currently, Bitcoin is trading at $82,289, showing a decline of 1.7% in the past 24 hours.

Sellers are actively maintaining the crucial resistance at $85,000 to prevent the price from bouncing back. However, buyers remain persistent and appear prepared for another attempt to claim this key level.

If buyers succeed in reclaiming the $85,000 level, market sentiment could shift positively, potentially setting the stage for further upward momentum toward the next major resistance at $90,000.

But if buyers fail to break through this critical barrier, Bitcoin could face heightened selling pressure, potentially dragging the price back toward the support zone between $80,000 and $78,000.