#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, but rebound opportunities still exist.

A recurring chart pattern suggests 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 turned negative after a period of stable demand earlier, 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. The cumulative volume delta (CVD)—used to track net buys and net sells 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 the derivatives market overall remains skewed toward longs. Order book data shows that near $70,000, buy-side support remains, with both spot and perpetual contract markets leaning more toward buyers.
From a lower timeframe perspective, Bitcoin is currently forming a fractal structure similar to the adjustment movement from March 6 to March 8. At that time, Bitcoin's price fell and swept through internal liquidity levels, then reversed higher on the chart. The current movement follows the same path: price continues to create 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 created lower lows, but RSI maintained the same low point. 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 moves saw significant liquidations of long positions, which reduced open interest and cleared over-leveraged positions.

Bitcoin Technical Analysis
If price can quickly reclaim above $70,000, it will align with the previous fractal recovery 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 squeeze. However, this pattern is time-sensitive. If price breaks below $68,300, market focus will shift to the $65,000 and $62,000 levels, as those are where important liquidity sits in Bitcoin's higher timeframes.
Trading Stables founder Ryan Scott marked $73,000 as a key support level, pointing out that if price fails to stabilize above this level, it would signal weak buyer response, thereby increasing the likelihood of a pullback to near the range low of $62,000.