Analysis: Bitcoin hovering around the $70,000 mark may suggest that the market bottom has not yet arrived

According to Cointelegraph analysis, the Bitcoin price hovering around $70,000 may suggest that the market bottom has not yet arrived.

Bitcoin fell below $69,000 on Thursday, retreating back into a six-week trading range. This pullback coincided with an increase in sell-offs in the Bitcoin futures market and stagnation in demand from U.S. investors. The imbalance between spot and perpetual contracts is evident, with the cumulative trading volume difference decreasing by $40.64 million, and perpetual contracts down by $506.75 million, indicating stronger selling pressure from leveraged traders. However, the funding rate has turned positive at 0.05%, suggesting that bulls are in control, and the order book shows buying support near $70,000.

From a short-term chart perspective, Bitcoin is forming a technical pattern similar to that from March 6 to 8, when the price rebounded after a pullback. The relative strength index is forming a bullish divergence, and liquidation data also supports this structure. If it quickly recovers to $70,000, it may open up a move towards $76,000, with a key turning point at $72,000. If it falls below $68,300, it could test $65,000 to $62,000.