Analysis: Bitcoin has fallen for three consecutive days after losing the $70,000 mark, but the timing for medium to long-term positioning may have already emerged

According to CoinDesk, Bitcoin failed to hold its ground after rebounding to $70,000 over the weekend and has now declined for three consecutive days. Amid weakening spot trading volume, the Crypto Fear and Greed Index remains in the "Extreme Fear" zone.

On-chain data institutions indicate that this round of correction is relatively mild compared to historical cycles, with no signs of panic selling commonly seen at previous cycle tops, suggesting that this may be a good time for medium to long-term positioning.

Meanwhile, Bitcoin spot ETFs have maintained stable net inflows over the past three days, providing some hedge against selling pressure in the market. With low spot trading volume, leveraged funds are dominating short-term price fluctuations. The previous rebound from the low was influenced by the squeeze on crowded short positions, and it is expected that short-term prices may continue to fluctuate sharply within a range.

On the macro front, weaker-than-expected U.S. retail sales data has raised expectations for interest rate cuts and suppressed the dollar's performance. The market will next focus on non-farm employment and inflation data, which may further impact the sentiment towards risk assets.