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

According to Cointelegraph analysis, Bitcoin's 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 selling 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 in spot 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 order book data 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 the way to $76,000, with a key turning point at $72,000. If it falls below $68,300, it may test $65,000 to $62,000.