Bitcoin dipped below $69,000 Thursday, retreating into its six-week trading range after briefly touching $76,000. The pullback reflects rising futures selling and waning U.S. spot demand.
CryptoQuant data reveals a negative Coinbase premium gap, signaling weak U.S. investor follow-through. Analysts note a $506 million plunge in perpetual futures volume delta versus $40 million in spot-pointing to leveraged sellers driving pressure.
Yet funding rates turned positive at 0.05%, indicating long bias in derivatives. Bid support clusters near $70,000 across spot and perpetual markets.
A fractal pattern mirrors early March’s bounce: successive lower lows now forming potential exhaustion. Bullish RSI divergence echoes prior reversal signals.
Liquidation data confirms overleveraged positions flushed out-similar to March. Reclaiming $70,000 could trigger short squeeze toward $76,000. $72,000 is the pivot.
Break below $68,300 targets $65,000 then $62,000. Trading Stables’ Ryan Scott warns failure above $73,000 signals weak buyers-and higher risk of testing range lows.
