Bitcoin Slips to $66,000 as Selling Pressure Keeps Building

Jakarta, Pintu News – Bitcoin (BTC) price is still moving under sustained pressure and is struggling to break the $70,000 level again. BTC remains held back by a persistent downtrend, which over the past few weeks has limited any upside attempts.

Historical cycle data as well as recent on-chain signals indicate that the bearish phase may not be over yet. While a short-term rally could occur, structural indicators suggest Bitcoin could potentially remain limited below $70,000. So, how will Bitcoin price move today?

Bitcoin Price Drops 0.63% in 24 Hours

On March 2, 2026, Bitcoin was trading at $66,811, or roughly IDR 1,124,224,093, after slipping 0.63% over the past 24 hours. Within that window, BTC ranged between a low of IDR 1,093,536,155 and a high of IDR 1,132,626,219.

At the time of writing, Bitcoin’s market capitalization is approximately IDR 22,388 trillion, while 24-hour trading volume has dropped 19% to IDR 706.69 trillion.

Read also: 5 Undervalued Altcoins in March 2026: Predicted to Breakout?

Pressure on Bitcoin Seems to Continue

The Pi Cycle Top Indicator provides important context for Bitcoin’s current phase. It uses a 111-day moving average and a 350-day moving average multiplied by two. When the two average lines approach or cross each other, the market is usually considered to be overheated.

Conversely, when the gap between the two widens considerably, the asset is often seen as undervalued. In the current cycle, Bitcoin does not exhibit either extreme. Instead, it appears to be positioned at the midpoint in a broader bearish phase.

Historically, mid-cycle bearish periods in Bitcoin’s quadrennial pattern often last for a year or more. Similar structures in previous cycles have also kept BTC under pressure before eventually entering a recovery phase.

The current state of divergence between 111 SMA and 350 SMA x2 points more towards a continuation of the bearish trend rather than signaling a recovery.

The Spent Output Profit Ratio (SOPR) indicator also reinforced the cautious view. The SOPR is still below the key level of 1, which indicates that many investors are selling at a loss. Readings that stay below 1 usually indicate limited profitability among market participants.

This dynamic tends to suppress any attempts at price recovery. Sell-loss behavior often reflects a fear-based response. As long as SOPR has not moved and stayed consistently above 1, Bitcoin price has the potential to struggle to build sustainable upward momentum.

BTC Price Downtrend Continues

As of March 1, Bitcoin was trading at $66,443 and is still stuck below the declining resistance line that has been active for almost a month. The repeated failure to break out of the area confirms that weakness is still present. Without a stronger buying push, BTC has the potential to remain trapped below this trendline.

The Money Flow Index (MFI) showed active selling pressure. MFI readings indicate that capital outflows are still more dominant than inflows. Global macro uncertainty and geopolitical tensions also increased risk aversion. This condition encourages market participants to be more defensive and limit aggressive accumulation.

Read also: 3 Crypto that Stand Out and Shine Amidst the Bearish Market

Given this situation, Bitcoin price is likely to continue moving back and forth within a relatively narrow range. If it drops through $65,000, the $62,893 support area could potentially be the next target. This level has already been tested twice in a week, so the risk increases if the selling pressure strengthens.

However, changes in macro sentiment could change the direction of the movement. If Bitcoin is able to defend the $66,224 support and attract new fund flows, the price has a chance to test the $68,830 resistance.

A decisive move above $70,000 would invalidate the current bearish scenario and signal the return of structural strength.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Bitcoin Bear Market Could Get Worse, Warns Analyst. Accessed on March 2, 2026