#创作者冲榜 Bitcoin's pullback this time coincides with rising selling pressure in the Bitcoin futures market and weakening demand from U.S. investors, though a rebound opportunity still exists.

A recurring chart pattern shows that BTC could potentially return to a bullish trajectory if necessary conditions are met.
This recent pullback is consistent with the phenomenon of derivatives trading gaining dominance relative to spot trading. The CB premium gap turned negative after a previous period of stable demand, indicating insufficient follow-up buying momentum from U.S. investors.
Meanwhile, crypto analyst IT Tech points out that a clear imbalance has emerged 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 funding to short positions, indicating the derivatives market overall still leans bullish. Order book data shows that buying support persists near the $70,000 level, with both spot and perpetual markets tilting toward buyers.
From lower timeframes, Bitcoin is currently forming a fractal structure similar to the adjustment pattern from March 6 to March 8. At that time, Bitcoin's price declined and swept through internal liquidity levels before reversing higher on the chart. The current movement has followed the same path: price continues to make lower lows and is gradually entering a potential exhaustion phase.
In that previous breakout, the price reversal was accompanied by a bullish divergence in the Relative Strength Index (RSI): price made lower lows while RSI maintained the same low level. This pattern indicated that selling momentum was weakening.
Currently, a similar divergence is also forming, further reinforcing this bullish fractal structure. Liquidation data also supports this assessment. Both price moves saw significant liquidations of long positions, which reduced open interest size and cleared over-leveraged positions.

Bitcoin Technical Analysis
If price can quickly reclaim $70,000, it would align with the previous fractal recovery path and potentially drive it toward $76,000. Among these levels, $72,000 serves as a key pivot point; once reclaimed, if short positions are caught, it could trigger a short squeeze rally. However, this pattern is time-sensitive. If price breaks below $68,300, market focus will shift to $65,000 and $62,000 levels, as those areas house important liquidity across Bitcoin's higher timeframes.
Trading Stables founder Ryan Scott marks $73,000 as a key support level and notes that if price fails to stabilize above this level, it signals weak buyer response and increases the likelihood of declining toward the range low near $62,000.