Bitcoin is pulling back on April 15, 2026, the US federal tax filing deadline, after briefly touching $75,700 on Tuesday in what looked like the start of a genuine breakout. Bitcoin briefly topped the key $76,000 level before reversing to $74,000, extending a two-month struggle to sustain a true breakout. Today’s retreat is being driven by a combination of factors: routine profit-taking ahead of the tax deadline, position unwinding rather than fresh shorting, a stall in CLARITY Act momentum, and the mechanical reality that $75,000 has now rejected Bitcoin twice in as many weeks. The market is not collapsing. It is digesting.
What the Derivatives Data Shows
The most important signal in today’s pullback is what is not happening. There are no clear signs that traders are actively shorting Bitcoin’s pullback from $76,000. Open interest across major dollar and USDT-denominated futures fell to 256,000 BTC from 267,480 BTC as the price dropped. This combination points to unwinding of positions rather than the buildup of fresh bearish bets.
That is a meaningful distinction. A pullback driven by long liquidations and position unwinding is structurally different from a selloff driven by aggressive new short positioning. The former clears leverage and sets up the next move. The latter signals a directional change in market sentiment.
Funding rates on Binance’s Bitcoin perpetuals have remained negative for 46 days, even as open interest rises, indicating persistent bearish positioning. Such extended risk-off regimes, marked by crowded short trades, have historically preceded sharp upside moves and attractive entry points, according to K33 Research analyst Vetle Lunde.
Forty-six consecutive days of negative funding is the kind of stat that tends to end with a short squeeze rather than a continued grind lower. The $534 million liquidation event on Monday was a preview of what happens when that crowded short positioning meets a genuine catalyst.
The Tax Day Effect
April 15 has a specific and recurring effect on US crypto markets. American investors who realised gains on crypto during 2025 owe capital gains tax today. For those who did not set aside funds throughout the year, that means selling assets now to cover the bill. For those who did plan ahead, it means liquidating crypto that was purchased specifically to fund the tax payment. Either way, there is a structural selling pressure that arrives on the US tax deadline each year and tends to resolve within a few days once filings are submitted.
Bitcoin has spent the first half of April trading in the low $70,000s, with recent moves through the $71,000 to $75,000 zone keeping the asset close enough to its highs for retail attention to return quickly. A lot of household cash is moving through the US financial system as today’s April 15 tax deadline arrives, and this year tax season is also more complicated for people who own crypto.
This year adds a new layer. 2026 is the first year that US exchanges and brokers are required to report gross proceeds from crypto sales to the IRS using the new Form 1099-DA. That increased reporting requirement has pushed more crypto holders to take their tax obligations seriously than in previous years, which may mean the selling pressure associated with the April 15 deadline is larger in 2026 than it has historically been.
The CLARITY Act Stall
Beyond the tax calendar, Bitcoin is also absorbing disappointment over the CLARITY Act. The bill, which passed the House in July 2025 and was expected to reach a Senate markup in April, has failed to get that markup scheduled. The US Senate has failed to schedule the CLARITY Act, driving speculation around the bill dying if it misses the April window. The delay has caused buyers who were pricing in a regulatory clarity rally to step back.
The Senate Banking Committee’s decision not to schedule a markup this month is directly linked to the Trump memecoin gala controversy. Senators Warren, Schiff, and Blumenthal, who are key votes on the committee, are simultaneously investigating the president over his personal profit from the TRUMP token. Democrats have held firm that any CLARITY Act they support must include ethics language preventing government officials from profiting from crypto. The White House has said it will not accept such language. That impasse has now pushed the most important crypto regulatory bill in US history past its April target.
The $75,000 Ceiling
Bitcoin is struggling to break and hold above the key $75,000 resistance level, with recent price volatility driven in part by market makers rebalancing their exposure. The move may be partly driven by market makers rebalancing their exposure, adding to short-term price volatility.
The $75,000 level has now acted as resistance twice in two weeks. Each time Bitcoin approaches it, the options market produces significant selling pressure as dealers hedge their exposure to large open interest at that strike. The Goldman Sachs and BlackRock Bitcoin Premium Income ETF filings, both of which involve selling call options on Bitcoin ETFs, will add to this structural dynamic once those products launch. More call selling means more dealer hedging, which means more consistent resistance at key strike prices.
The near-term picture is consolidation. Bitcoin holds above $73,000 with underlying spot demand intact, negative funding rates that historically precede squeezes, and a geopolitical backdrop that has improved markedly since the Iran ceasefire talks began. The CLARITY Act delay and tax day selling are temporary headwinds. Whether the next sustained move takes Bitcoin through $75,000 or back toward $70,000 will likely depend on what happens in Washington over the next two weeks as both the Senate markup and the Trump memecoin gala deadline converge on the same calendar.
