Bitcoin's price fell below $66,000, marking a 3.7% decline over 24 hours, as it remains range-bound between $60,000 and $70,000. Glassnode reports that while spot demand is beginning to absorb selling pressure, it is not yet sufficient to drive sustained upward momentum. An estimated 8 to 9 million BTC are held at cost bases above the current price, creating resistance to rebounds. In the derivatives market, funding rates have been negative, indicating traders are paying a premium to maintain short positions. This concentrated short positioning could lead to a short squeeze if upward momentum emerges. Meanwhile, demand for options has declined, with implied volatility contracting and skew favoring downside protection. Analysts note that the market is entering a "supply chain disruption" phase, impacting inflation. As traders approach the Easter holiday, they maintain an "aggressively cautious" stance, with key support near $65,500 and immediate liquidity above $69,000.