Bitcoin has fallen roughly 22% year-to-date, putting it on track for its worst first-quarter performance since 2018 as renewed price risk comes back into focus.
A recent 9% rebound has failed to stabilise broader sentiment, with futures open interest climbing and funding rates turning strongly positive, suggesting increasingly crowded bullish positioning.
The combination of rising leverage and positive funding indicates traders are aggressively betting on further upside despite persistent macro and technical headwinds.
From a technical perspective, key support is clustered around $66,000, a level that now serves as the primary line between consolidation and a deeper corrective phase.
A decisive break below that zone could open the door to downside targets near $58,000, reinforcing the broader bearish structure that has defined the quarter.
Conversely, a sustained move back above $79,000 would invalidate the current bearish setup and signal that the recent rebound has regained structural strength.
For now, elevated leverage and weakening year-to-date performance suggest that volatility is likely to remain high as traders reassess risk heading into the second quarter.
At the time of reporting, Bitcoin price was $68,842.69.