Selling Bitcoin with $62,500 target on weakening buying interest from major players

BTCUSD is currently on the mend, hovering around $67,600. However, roadblocks lie ahead in the form of thick geopolitical fog and surging oil prices, which limit the pair’s upside potential. Historically, elevated energy costs have often coincided with corrections in the crypto market.

All signs point to sluggish institutional demand. After four weeks of inflows into spot Bitcoin exchange-traded funds (ETFs), we are now witnessing withdrawals totaling $296 million. Major players have recently begun taking profits due to rising global uncertainty.

One of these whales—MicroStrategy—stopped buying BTCUSD following thirteen consecutive weeks of accumulation. The company’s shift in behavior makes traders more cautious, as it shows that even the most loyal Bitcoin holders are having second thoughts and waiting for either a more attractive entry point or signs of geopolitical de-escalation.

The Fear and Greed Index is at 8 (“Extreme Fear”), revealing pessimistic market sentiment among retail investors. In addition, more than 4.6 million tokens held by long-term players are now trading below their purchase price, potentially triggering forced selling if the trend persists.

The daily BTCUSD chart for March 31, 2026, showed a recovery from a local low of $65,000 to the current $67,600 level. The Stochastic Oscillator confirmed this bullish impulse by exiting oversold territory and climbing higher. Nevertheless, the road ahead could be bumpy. Previously, the indicator entered the overbought zone at $71,000—a sign of strong resistance nearby. At the same time, the Chaikin Oscillator remains in the red, with feeble attempts to rise. Thus, the bearish trend has never truly loosened its grip and still holds sway over money flows, despite Bitcoin's local rebound.

Consider the following trading strategy:

Sell BTCUSD at the current price, with Take profit at $62,500 and Stop loss at $70,790.

The forecast is valid between March 31 and April 7, 2026.