#创作者冲榜 Bitcoin's recent pullback coincides with increased selling pressure in the bitcoin futures market and slowing demand from U.S. 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 aligns with the rising dominance of derivatives trading relative to spot trading. The CB premium gap turned negative after a period of stable demand, indicating insufficient follow-up buying momentum from U.S. investors.
Meanwhile, crypto analyst IT Tech points out a clear imbalance between spot and perpetual futures. The Cumulative Volume Delta (CVD)—used to track net buy and sell flows across markets—shows that spot CVD declined by $40.64 million, while perpetual futures CVD fell 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 the derivatives market remains overall skewed toward bulls. Order book data shows that buying support persists around the $70,000 level, with both spot and perpetual contract markets leaning toward buyers.
From lower timeframes, Bitcoin is currently forming a fractal structure similar to the adjustment move 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 move has followed the same path: price creating lower lows while gradually entering 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 lower lows while RSI maintained the same low. This pattern indicated weakening seller momentum.
Currently, a similar divergence is forming, further reinforcing this bullish fractal structure. Liquidation data also supports this view. In both moves, large amounts of long positions were liquidated, reducing open interest size and clearing overleveraged positions.

Bitcoin Technical Analysis
If price can quickly reclaim $70,000, it will align with the previous fractal repair path and could drive it toward $76,000. Among these, $72,000 is a key pivot level; once this level is reclaimed, any trapped short positions could trigger a short squeeze. However, this pattern is time-sensitive. If price breaks below $68,300, market focus will shift to $65,000 and $62,000 levels, as Bitcoin's important liquidity on higher timeframes is distributed there.
Trading Stables founder Ryan Scott marked $73,000 as a critical support level, noting that if price fails to stabilize above this level, it signals weak buyer response, increasing the likelihood of a pullback toward the range low near $62,000.