#创作者冲榜 Bitcoin's recent pullback coincides with increased selling pressure in the Bitcoin futures market and slowing demand from US investors, but opportunities for a rebound remain.
A recurring chart pattern shows that if necessary conditions are met, BTC still has the potential to return to a bullish trajectory. This latest pullback aligns with the phenomenon of derivatives trading gaining dominance over spot trading. The CB premium gap turned negative after a period of stable demand, indicating insufficient follow-up buying momentum from US investors. Meanwhile, crypto analyst IT Tech points out a significant imbalance between spot and perpetual futures markets. The cumulative volume delta (CVD)—used to track net buying and selling across markets—shows that spot CVD declined by $40.64 million, while perpetual futures CVD dropped by $506.75 million, highlighting stronger selling pressure from leveraged traders. However, the funding rate has turned positive at 0.05%, meaning long positions currently need to pay fees to short positions, indicating that the derivatives market overall remains biased toward longs. Order book data shows that buying support still exists near the $70,000 level, with both spot and perpetual markets leaning toward buyers. From lower timeframes, Bitcoin is currently forming a fractal structure similar to the adjustment pattern from March 6-8. At that time, Bitcoin's price declined and swept internal liquidity levels, then reversed higher on the chart. The current movement follows the same path: price continues to make lower lows and gradually enters a possible exhaustion phase. In that previous breakout, the price reversal was accompanied by a bullish divergence in the Relative Strength Index (RSI): price made a lower low, but RSI maintained the same low level. This pattern suggests that selling momentum is weakening. Currently, a similar divergence is also forming, further reinforcing this bullish fractal structure. Liquidation data also supports this view. Both moves saw significant long position liquidations, which reduced open interest and cleared over-leveraged positions.
Bitcoin Technical Analysis If price can quickly reclaim $70,000, it will echo the previous fractal repair path and potentially push toward $76,000. Among these, $72,000 is a key pivot level; once this level is reclaimed, if short positions are trapped, it could trigger a short squeeze. However, this pattern is time-sensitive. If price falls below $68,300, market focus will shift to $65,000 and $62,000 levels, as these contain important liquidity on Bitcoin's higher timeframe. Trading Stables founder Ryan Scott marks $73,000 as a key support level, noting that if price fails to stabilize above this level, it signals weak buyer response, increasing the likelihood of a decline to around the range low of $62,000.
#创作者冲榜 Bitcoin's recent pullback coincides with increased selling pressure in the Bitcoin futures market and slowing demand from US investors, but opportunities for a rebound remain.
A recurring chart pattern shows that if necessary conditions are met, BTC still has the potential to return to a bullish trajectory.
This latest pullback aligns with the phenomenon of derivatives trading gaining dominance over spot trading. The CB premium gap turned negative after a period of stable demand, indicating insufficient follow-up buying momentum from US investors.
Meanwhile, crypto analyst IT Tech points out a significant imbalance between spot and perpetual futures markets. The cumulative volume delta (CVD)—used to track net buying and selling across markets—shows that spot CVD declined by $40.64 million, while perpetual futures CVD dropped by $506.75 million, highlighting stronger selling pressure from leveraged traders.
However, the funding rate has turned positive at 0.05%, meaning long positions currently need to pay fees to short positions, indicating that the derivatives market overall remains biased toward longs. Order book data shows that buying support still exists near the $70,000 level, with both spot and perpetual markets leaning toward buyers.
From lower timeframes, Bitcoin is currently forming a fractal structure similar to the adjustment pattern from March 6-8. At that time, Bitcoin's price declined and swept internal liquidity levels, then reversed higher on the chart. The current movement follows the same path: price continues to make lower lows and gradually enters a possible exhaustion phase.
In that previous breakout, the price reversal was accompanied by a bullish divergence in the Relative Strength Index (RSI): price made a lower low, but RSI maintained the same low level. This pattern suggests that selling momentum is weakening.
Currently, a similar divergence is also forming, further reinforcing this bullish fractal structure. Liquidation data also supports this view. Both moves saw significant long position liquidations, which reduced open interest and cleared over-leveraged positions.
Bitcoin Technical Analysis
If price can quickly reclaim $70,000, it will echo the previous fractal repair path and potentially push toward $76,000. Among these, $72,000 is a key pivot level; once this level is reclaimed, if short positions are trapped, it could trigger a short squeeze. However, this pattern is time-sensitive. If price falls below $68,300, market focus will shift to $65,000 and $62,000 levels, as these contain important liquidity on Bitcoin's higher timeframe.
Trading Stables founder Ryan Scott marks $73,000 as a key support level, noting that if price fails to stabilize above this level, it signals weak buyer response, increasing the likelihood of a decline to around the range low of $62,000.