BitcoinBTCThe price of the, dropped to below $69,000 in just a few days.
Pullbacks coincide with a rise in sales from Bitcoin futures and stagnant demand among US investors. However, the possibility of a rally rebound remains. BTC’s bullish path can be re-established if certain conditions are met.
As spot demand declines, Bitcoin futures are the new trend.
This latest drop is in line with the apparent shift of spot trading to derivatives. Coinbase’s premium gap has turned negative following a sustained period of high demand. It indicates that US-based investors are not following through.
The crypto-analyst IT Tech noted There is a distinct imbalance between spot futures and perpetual futures. The cumulative volume Delta (CVD), a measure of net buying and selling in different markets, decreased by $40.64 millions for the CVD spot, but fell by $506.75millions for the CVD perpetual, which highlights the stronger pressure on sellers from leveraged trader.
The funding rate has decreased. flipped The positive value is 0.05%. Long positions pay now shorts.
Order book data indicates that bidders are still firmly in support of the $70,00 region. The spot market is also a buyer’s market.
Related: OP_NET launches Bitcoin DeFi push without bridges or wrapped BTC
The Fractal Setup mirrors the early March bounce
Bitcoin has a similar setup on lower timeframes to the March 6-March 8 correction, when the price fell and the internal liquidity level was swept before the chart reversed higher.
The price could be in a phase of exhaustion if it continues to move downwards.
The breakout was preceded by a reversal that coincided with a divergence in the relative strength indicator (RSI), where RSI maintained equal lows while the price displayed a lower high. This pattern indicated a slowing momentum by sellers. Now, a similar divergence has developed to reinforce the bullish structure.
This setup is also supported by the liquidation data. Both times, significant liquidations on the long side have been seen. This has helped to reduce open interest as well as flush out positions that were over-leveraged.
The previous fractal path is aligned with a quick reclaim at $70,000, which opens the way to $76,000. A reclaim of $72,000 may cause a squeeze on shorts if they get stuck.
The timeframe is important. The focus shifts to the higher liquidity levels of BTC at $65,000 or $62,000 if BTC falls below this level.
Trading Stables founder Ryan Scott flagged The $73,000 level is a good starting point. If the price does not stabilize at this level it signals weak demand, increasing the risk of a decline to lows in range near $62,000.
Related: Bitcoin prediction markets see 70% chance BTC price crashes to $55K in 2026
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Source: cointelegraph.com
