#创作者冲榜 Bitcoin's current pullback coincides with rising selling pressure in the bitcoin futures market and slowing demand from US investors, but opportunities for a rebound still exist.

A recurring chart pattern shows that if necessary conditions are met, BTC still has the potential to return to a bullish trajectory.
This recent pullback is consistent with the phenomenon of derivatives trading gaining dominance over spot trading. The CB premium gap, which had been stable before, has turned negative, indicating insufficient follow-up buying momentum from US investors.
Meanwhile, crypto analyst IT Tech points out that a significant imbalance has emerged between spot and perpetual futures. The cumulative volume delta (CVD)—used to track net buying and selling across markets—shows that spot CVD declined by 40.64 million USD, while perpetual futures CVD dropped by 506.75 million USD, 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 bulls. Order book data shows that buy-side support exists near $70,000, with both spot and perpetual contract markets leaning 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, the bitcoin price declined and swept through internal liquidity levels, then reversed higher on the chart. The current movement has followed the same path: prices continue to create lower lows and gradually enter a possible exhaustion phase.
In that previous breakout, the price reversal was accompanied by a bullish divergence in the Relative Strength Index (RSI): the price created a lower low, but the 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 market moves saw significant liquidations of long positions, which reduced the size of open interest and cleared over-leveraged positions.

Bitcoin Technical Analysis
If price can quickly reclaim $70,000, it will align with the previous fractal repair path and potentially drive it 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 covering rally. However, this pattern is sensitive to time. If price breaks below $68,300, market focus will shift to $65,000 and $62,000 levels, as significant liquidity from bitcoin's higher timeframes is distributed there.
Trading Stables founder Ryan Scott marks $73,000 as a key support level, noting that if price fails to stabilize above this level, it would indicate weak buyer response, thereby increasing the likelihood of falling back toward the range low near $62,000.