#创作者冲榜 Bitcoin's recent 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 suggests that if necessary conditions are met, BTC could still return to a bullish trajectory.
This latest pullback aligns with the phenomenon of derivatives trading gaining dominance over spot trading. The CB premium gap turned negative after a period of stable demand previously, indicating insufficient follow-up buying momentum from US investors.
Meanwhile, crypto analyst IT Tech points out a clear imbalance between spot and perpetual futures markets. Cumulative Volume Delta (CVD)—used to track net buying and net 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 fees to short positions, indicating the derivatives market remains overall bullish. Order book data shows buying support still exists around $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 6-8. At that time, the Bitcoin 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 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 held at the same low. This pattern indicates weakening seller momentum.
Currently, a similar divergence is also forming, further reinforcing this bullish fractal structure. Liquidation data also supports this assessment. Both moves saw large-scale long position liquidations, 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 could push toward $76,000. Among these, $72,000 is a key pivot level; once this level is reclaimed, if short positions are caught, it could trigger a short-covering 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 host important liquidity for Bitcoin's higher timeframes.
Trading Stables founder Ryan Scott marks $73,000 as a key bottom level, noting that if price cannot stabilize above this level, it would signal weak buyer response, increasing the likelihood of a pullback toward the range low near $62,000.