Bitcoin fell to the $66,000 range, undermining expectations of a move above $75,000. International oil prices surged after a speech by U.S. President Donald Trump did not guarantee an end to the Iran war. Concerns over the U.S. private credit market, signs of slowing employment, institutional outflows, and selling by miners also weighed on sentiment.

On April 2, Cointelegraph reported that bitcoin held the $66,000 level during the week, but downside risk concerns grew ahead of a weekend holiday in U.S. and European markets. As worries spread over additional U.S. and Iranian military action and West Texas Intermediate crude rose above $110 a barrel, investors cut exposure to bitcoin and stocks.

The private credit market also dampened sentiment. The U.S. Treasury expressed concern about the $2 trillion private credit market, and insurance regulators at home and abroad will conduct a survey through early May. Alternative asset manager Blue Owl said it received large redemption requests from 2 private credit funds and capped redemption requests at 5 percent.

U.S. unemployment benefit claims rose to 1,840,000 in the week ended March 21 from 1,820,000 the previous week. Outplacement firm Challenger, Gray & Christmas said a significant share of layoffs came as companies reduced jobs and shifted budgets to artificial intelligence investment.

Demand also weakened. U.S. spot bitcoin exchange-traded funds recorded net outflows of $450 million since March 24. The ETFs hold $88 billion of bitcoin, with BlackRock iShares Bitcoin Trust (IBIT) accounting for the largest share at $53.9 billion. Some have also said ETF outflows could slow if bitcoin holds near $66,000.

Selling by miners and some listed companies also continued. Marathon Holdings sold 15,133 BTC in March at prices below its estimated acquisition cost, and Riot Platforms moved 500 BTC for sale. Nakamoto Holdings also disclosed the sale of 284 BTC despite its previous stance that it would keep buying bitcoin.

As signs of economic weakening deepen, the possibility of additional stimulus measures is also increasing. In the market, some are offering the view that, separately from short-term uncertainty, such policy responses could support bitcoin prices over the medium term. With the U.S. federal fiscal deficit expected to reach $1.9 trillion in 2026, an expansion in liquidity supply could spur demand for scarce assets, the analysis said.