Bitcoin drops below $70,000 on first day of April...whale BTC buying continues

Cryptocurrency flagship Bitcoin (BTC) fell below $70,000 in trading on the first day of April. According to global cryptocurrency price aggregator Coinmarketcap, BTC is currently trading at $69,543 on April 1. That's down 0.97% from 24 hours earlier. Bitcoin traded between a low of $68,986.95 and a high of $71,377.78 on the day.

Adam, a macro researcher at Greeks.live, an analytics firm specializing in crypto options, commented on X that day, "Bitcoin buyers and sellers are battling it out at $70,000. The market is very much in a wait-and-see mode as there is no major news in the market." "While volatility in the Bitcoin options market has decreased significantly over the past week, the Bitcoin implied volatility index (DVOL) remains elevated. The DVOL is under downward pressure, and the intermediate-term options implied volatility (IV) is likely to gradually decline as well."

Whale buying continues as Bitcoin price moves sideways. HODL15Capital reported via X that "an address labeled as Tether purchased an additional 8,888 BTC (approximately $630 million) on March 31 (around 2:21 a.m. local time). Previously, Tether also bought 8,888 BTC (about $380 million at the time) at the end of the fourth quarter last year." "The 'Mr. 100' address was found to have purchased a total of 900 BTC from March 29-31 (local time)," he added.