Bitcoin trades near $69K, wipes out $146M in shorts; transaction fees fall to 2011 lows

Bitcoin traded near the $69,000 mark on Monday, nearing $146 million in short positions that have been liquidated in the past few hours. The cryptocurrency was trading at $69,132 mark.

In the past 24 hours, Bitcoin and Ethereum were up 3% and 3.7% respectively. Among the major altcoins, XRP, BNB, Solana, Dogecoin, Hyperliquid, and Cardano gained up to 4.7% whereas Tron fell 0.07%. The global crypto market capitalisation went up 2% to $2.36 trillion, according to CoinMarketCap.

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CoinDCX Research Team said that Bitcoin price continues to fluctuate within a narrow range, as bulls seem to be struggling to maintain the rally's elevation. The price is approaching $70,000, but lack of conviction and strength has restricted the rally at $69,178.

It further said that as bitcoin price crossed $69,000, over $146 million in short positions have been liquidated in the past few hours. Bitcoin transaction fees have fallen to just 2.5 Bitcoin per day, marking it the lowest level since 2011. As Ethereum staking rises, ETH balances on the exchanges have reached the lowest levels since 2016.

Ethereum and Bitcoin gained 4% and 2% respectively in the past week. Among the major altcoins, XRP, BNB, Solana, Dogecoin, Hyperliquid, and Tron corrected up to 4.54% whereas Cardano rallied 4.57%.

Crypto markets are currently balancing between improving structure and persistent macro headwinds. Bitcoin’s recent push toward the $69,000–$70,000 zone highlights underlying strength, but the move still lacks confirmation as long as price remains capped below the 200 EMA, said Riya Sehgal, Research Analyst, Delta Exchange.

Market perspective

CoinSwitch Markets Desk

BTC has moved in a narrow range over the past three days, indicating a lack of clear direction. Under the surface, BTC spot demand has dipped, as seen in the drop in the demand-to-supply ratio, while its strong link with equities keeps it sensitive to broader market moves.

Vikram Subburaj, CEO, Giottus

Bitcoin is trading near $69,000 on April 6, 2026 and the price is only part of the story. The market is caught in a narrow equilibrium where on-chain accumulation is strengthening, ETF flows are improving but inconsistent, and macro conditions remain restrictive.

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WazirX Market’s Desk

Bitcoin is trading around $69,212, holding within a $65,000–$73,000 range despite an extreme fear reading. At the same time, large holders are distributing, and 30-day demand remains negative, raising questions around the strength of typical April seasonality.

Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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