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Bitcoin faced further weakness as it broke below the $68,000 support level on April 1, falling 5.38% to trade at $66,700. Institutional outflows from spot Bitcoin ETFs continued after the Easter weekend, potentially adding more downward pressure to the cryptocurrency's price.

On April 1, the Grayscale Bitcoin Trust (GBTC) experienced outflows of $302.6 million, while BlackRock's IBIT and Fidelity's FBTC saw inflows of $165.9 million and $44 million, respectively, resulting in a net outflow of $85.7 million.

Singapore-based trading firm QCP Capital warned of increased downward pressure across cryptocurrency spot markets, noting that the crypto options market provided early insight into the sell-off. Selling calls and buying puts for Bitcoin and Ethereum put further pressure on spot prices.

The sell-off in BTC and other crypto assets was attributed to large liquidations on exchanges like Binance, with perpetual contracts funding rates resetting from high levels to flat. Examining Binance's exchange order book liquidity, trading resource Material Indicators revealed a challenging outlook for Bitcoin's price action, with increasing bid liquidity toward $60,000 and indications that "smart money" had placed bids as low as $62,000.

Overall, Bitcoin's decline below the $68,000 support level, ongoing institutional outflows, and downward pressure in the spot market have contributed to its recent weakness. The dynamics in the crypto options market and the effects of liquidations on exchanges like Binance are additional factors influencing the cryptocurrency's price movements.