Bitcoin Falls to $66,000 as Surge in Realized Losses Signals Capitulation

Jakarta, Pintu News – Bitcoin (BTC) price is still trading in the $60,000-$70,000 range. However, this lack of movement is not random, but reflects a market that is in a state of balance, not an expansion phase.

Spot demand has gradually absorbed the selling pressure, while the derivatives market has adjusted so that excess leverage has been reduced. As a result, volatility has decreased and price movements have become more stable.

However, stability does not mean strength. Without a clear catalyst or aggressive surge in demand, Bitcoin is still in a compression phase, a state where buyers and sellers are both active, but neither side has enough conviction to drive sustained movement.

On-chain data from Glassnode explains the reason why a price breakout still hasn’t happened.

Bitcoin Price Drops 1.54% in 24 Hours

As of April 2, 2026, Bitcoin was trading at $66,813, equivalent to IDR 1,141,885,320, down 1.54% over the past 24 hours. During that period, BTC fell to a low of IDR 1,137,700,029 and climbed to an intraday high of IDR 1,179,510,226.

At the time of writing, Bitcoin’s market capitalization stood at approximately IDR 22,790 trillion, while its 24-hour trading volume declined 8% to IDR 865.68 trillion.

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Supply Loss Still Indicates Selling Pressure Is Being Absorbed

The “Total Supply in Loss” metric shows a recent spike, signaling that most BTC holders are currently in a loss position. Historically, phases like this often trigger increased selling pressure as market participants with weak conviction tend to exit their positions.

However, prices did not fall sharply. This suggests that demand in the spot market is still able to absorb supply effectively enough to prevent a deeper drop. While this is a constructive signal, it does not reflect market strength. What is visible is the balance between buyers and sellers, not the dominance of one party.

Realized Loss Surge Leads to Capitulation, but Not yet in Expansion Phase

On-chain data from Glassnode shows a rise in realized losses, especially among short-term holders. This generally marks a local capitulation event, where panic selling drives out weak market participants. Historically, such phases can form a price floor, but only if followed by strong fund inflows.

At the moment, that part is still nowhere to be seen. The market has indeed absorbed the losses incurred, but there is no clear enough follow-on demand yet. As a result, Bitcoin is still stuck in its current trading range.

Reset in Derivatives Market Removes Fuel for Breakout

The directional premium in the perpetual market has returned to normal, indicating that excess leverage has left the system. At the same time, the volatility risk premium has also continued to decline, signaling that expectations of large price movements have weakened.

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This change is important because breakouts usually require aggressive positioning, increased volatility, and strong market direction conviction. Unfortunately, there are no signs of this at the moment. This indicates that futures traders are still in a state of uncertainty.

Bitcoin Price Outlook: Holding in Range until a Catalyst

Bitcoin is not in a weak state, but it is also not ready to move further. The current phase reflects a process of absorption without expansion, where supply is still manageable, but demand is not yet strong enough to drive a breakout. Until a clear catalyst emerges, Bitcoin is likely to remain in a limited price range, rather restrained, and without a clear direction.

As long as the price of BTC remains stuck between $60,000 and $70,000, a downward or upward breakout from this range could potentially trigger further price movement, either to the downside or upside.

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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:

• Coinpedia. Bitcoin Stuck Between $60K and $70K-Why BTC Price Isn’t Ready to Break Out. Accessed on April 2, 2026