Bitcoin remains stable while investor sentiment hits its lowest since the Iran war erupted.

Bitcoin range-bound near $67K as sentiment sinks to extreme lows

Bitcoin continues to trade near $67,100, showing little movement over the weekend even as market sentiment deteriorates to its weakest levels since the Iran conflict began on February 28.

Fresh data from Santiment highlights a clear shift in tone, with bearish commentary now outweighing bullish posts at a ratio of five to four—the most negative reading in five weeks. The last time sentiment was this skewed was during Operation Epic Fury, when bitcoin briefly slipped below $65,000.

The Fear and Greed Index tells a similar story. Currently sitting at 9, it remains firmly in extreme fear territory and has been locked between 8 and 14 for over a month. Such prolonged pessimism without a corresponding price collapse is rare. In previous cycles, including the LUNA crash and the FTX collapse in 2022, similar readings coincided with sharp capitulation events and steep one-day losses.

This time, however, price action has remained resilient. Bitcoin has spent the past five weeks consolidating within a $65,000 to $73,000 range, despite ongoing geopolitical tensions, political headlines, large liquidation events totaling $403 million, and some of the weakest on-chain demand signals in years. The asset remains within roughly 5% of its level at the start of the conflict.

Institutional demand appears to be anchoring the market. Spot bitcoin ETFs absorbed around 50,000 BTC in March, marking the strongest inflows since October 2025. Strategy added a further 44,000 BTC, while Morgan Stanley’s newly approved low-cost bitcoin ETF opens access to 16,000 financial advisors overseeing $6.2 trillion in assets. These flows are helping to support prices.

However, that support is largely acting as a stabilizing force rather than a driver of upside. Broader demand remains negative. Recent data shows 30-day apparent demand at negative 63,000 BTC, indicating that selling from the wider market continues to outpace institutional buying.

Large holders are a key part of this shift. Wallets holding between 1,000 and 10,000 BTC have moved from accumulation to aggressive distribution, swinging from adding 200,000 BTC annually to shedding 188,000 BTC—one of the sharpest reversals on record.

While April has historically been a strong month for bitcoin, delivering gains in 10 of the past 15 years with an average return of 20.9%, current conditions present a more challenging backdrop.

Geopolitical uncertainty, sustained selling pressure, a negative Coinbase Premium, and deeply pessimistic sentiment are all weighing on the market—leaving bitcoin stable in price, but increasingly fragile beneath the surface.

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