BTC 15-minute chart slightly down 0.57%: leveraged long positions passively cut risk and macro sentiment disturbances drive volatility

2026-04-12 12:45 to 13:00 (UTC), the BTC price range was 71,081.7 to 71,493.2 USDT, with an amplitude of 0.58%. Within 15 minutes, the return rate recorded -0.57%. During the period of abnormal movement, market volatility increased somewhat, risk sentiment warmed up, and overall attention rose, but there were no signs of extreme volume spikes or a sudden drop in liquidity.

The main driver behind this abnormal movement is the passive deleveraging of long positions under a leveraged structure. Recently, the funding rate of perpetual futures shifted from negative to positive. With accumulated long leverage in the market, the price dipped slightly, triggering liquidations and stop-loss / closing orders from some leveraged long positions. This led to a brief dip in price, but on-chain there has been no evidence of concentrated selling by large whales or a surge in active addresses. In the spot market, there has been no sign of large-scale capital flows, indicating that spot main players did not participate deeply in this round of decline.

At the same time, macro sentiment disturbances had a resonating effect on the order book. Ahead of the FOMC meeting, there are disagreements in the market about whether there will be another rate hike. Combined with lingering aftershocks from geopolitical factors and the Iran–U.S. related negotiations, investors’ risk appetite shifted to a more cautious stance, making short-term capital more sensitive and increasing the intensity of the market’s response to modest sell pressure. In addition, the Fear and Greed Index is at a low level of 13, reflecting cooling collective risk pricing. Although on-chain capital flows, net whale inflows, and trading volume are still in line with normal levels, the resonance between macro and leverage-side signals has amplified volatility.

At present, the market’s leveraged structure still carries risks. If volatility increases further later on, additional passive deleveraging by longs could further deepen the decline. Meanwhile, it is necessary to continuously watch indicators such as macro news, the FOMC window, and on-chain large capital anomalies. In the recent period, BTC’s short-term risk has intensified due to sentiment and leverage, so traders should be alert to intraday anomalies, closely monitor key support zones and capital flow directions, and get more market updates to better track market dynamics.