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Compared to Bitcoin’s [BTC] rather graceless stumble of 1.4% yesterday, PI’s frolic seemed almost heroic, if one has the faintest appreciation for irony.

Bitcoin’s midweek resilience crumbled Friday, March 6, as the cryptocurrency surrendered the psychological $70,000 stronghold. After a morning spent oscillating in a tight range between $70,000 and $71,000, the dam finally broke: bitcoin plummeted from $70,131 to $68,300 in a frantic two-hour window. Despite a brief, spirited attempt at a reversal, relentless selling pressure forced a further retreat to a session low of $67,753.

In a moment of hubris, Bitcoin soared past $71,270, its wings aflutter with the promise of glory. Yet, even as the ETFs traded with fervor-$6.5 billion changing hands-the outflow arrived like a Cossack’s whip, snapping the dream. Was it a sign? A portent? Or merely the market’s twisted sense of humor? Institutions, those cold-hearted arbiters of fate, remained unconvinced, their doubts as heavy as a Russian winter.

The Ledger and the Land

American investors, ever the posh crowd, were nibbling at the Coinbase premium, suggesting a steady stream of spot purchases. Meanwhile, Binance’s liquidity ratio swelled, hinting that traders were scrambling to reposition themselves, as sophisticated as a ballroom dance.

According to Patel’s X (formerly Twitter, because why not rename everything?) analysis, Bitcoin hasn’t hit rock bottom yet. Remember when it flirted with $71,000 and we all thought, “Ah, the bear market is over!”? Cute. Patel’s like, “Hold my chai, it’s going lower.” Not just a dip-a full-on plunge. Below $60,000? Sure. $50,000? Why not? Let’s throw in a dramatic break for good measure. Because, you know, why stop at a 60% drop when you can go full bear market Cirque du Soleil?

At present, Dogecoin trades at a paltry $0.093, a figure that scarcely warrants the ink spilled in its lamentation. Its decline, gradual yet relentless, has been the defining feature of its existence in the annals of 2026. The technicals, those cold and unyielding arbiters of market sentiment, paint a picture as bleak as a winter’s morn in the Russian steppe. Lower highs, lower lows-a dance of despair choreographed by sellers who hold the reins with an iron grip.

All eyes now squint toward April 16, when the Securities and Exchange Commission will convene a roundtable. It promises to be a theater of suits and spreadsheets, regulators and crypto dreamers arguing over whether clarity is a gift or a headache disguised as legislation.

Bitcoin, the leading cryptocurrency, briefly surpassed $74,000 on Wednesday. However, it couldn’t maintain that level due to limited buying interest and ultimately dropped in value, mirroring a similar decline in U.S. stocks.

The analysts, those modern-day oracles of doom, cluck their tongues and warn that this dalliance with the dollar could spell disaster for the risqué Bitcoin and its altcoin companions. How tragic!