The Battle Between Bulls and Bears in Range Fluctuations—Chips Turnover Behind Small Dips

If a sharp decline is a concentrated release of panic, then small dips are a patience contest between bulls and bears. In early March, the crypto market was caught in a classic "range tug-of-war"—Bitcoin repeatedly oscillated within a narrow band of $65,000 to $70,000, stuck between two difficult points.

This microstructure of the oscillation is worth noting. Data shows that over the past 24 hours, the total liquidation amount across the network exceeded $330 million, with more than 100,000 traders liquidated. Interestingly, both bulls and bears are paying the price—when the price surged to $70,000, the chasing bulls got caught; when it fell back to $66,000, the chasing bears got squeezed. This dual-sided harvesting scenario is a typical feature of a ranging market.

Market maker Enflux pointed out that Bitcoin’s recent rebound toward nearly $70,000 is more "position-driven" rather than "faith-driven"—over the weekend, bears added to their positions around the Iran situation, and when the situation didn’t immediately spiral out of control, short covering pushed the price higher. This indicates a lack of clear trend-driving forces in the market, with participants more engaged in short-term news battles rather than long-term value judgments. $BTC

On the technical side, Bitcoin repeatedly contests the key psychological level of $67,000, with the RSI hovering around 40, neither entering oversold territory nor climbing back above 50. This ambiguous technical indicator reflects the general hesitation among market participants—no one dares to heavily bet on a direction, nor does anyone want to completely exit. Small dips are becoming a "boiling frog" type of torment.