Bitcoin (BTC) fell below $69,000 on Thursday, pulling the price back into its six-week range just days after hitting highs above $76,000.
The pullback coincides with increased selling in Bitcoin futures markets and a halt in demand from U.S. investors, but the chance for a rebound remains. The repeating chart configuration indicates that BTC may return to its bullish path if the necessary conditions are met.
Bitcoin futures are setting the trend as demand in the spot market declines
The latest pullback coincides with an apparent shift in the dominance of derivatives over spot trading. Coinbase’s premium gap turned negative after a period of steady demand, indicating a feeble response from U.S. investors.
Meanwhile, IT Tech cryptocurrency analyst excellent a clear imbalance between spot and perpetual futures. Cumulative volume delta (CVD), which tracks the ratio of net bids to puts across markets, fell by $40.64 million for spot CVD, while perpetual CVD fell by $506.75 million, highlighting stronger selling pressure from leveraged investors.
However, financing rates do knocked over positive to 0.05%, which means long positions are currently making losses, indicating a long bias in derivatives markets.
Order book data shows that bid-side support remains around $70,000, with both spot and perpetual markets leaning towards the buyers.
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The fractal configuration reflects the rebound from early March
On the lower time frames, Bitcoin is forming a similar fractal configuration to the correction from March 6 to March 8, when the price dropped and cleared internal liquidity levels before returning to the charts higher.
The current move follows the same sequence, with successive lower lows developing into a potential price exhaustion phase.
During the previous breakout, the reversal coincided with a bullish divergence in the Relative Strength Index (RSI) indicator, with the RSI holding steady lows while price printed a lower low. The pattern signaled weakening seller momentum. A comparable divergence is currently developing, strengthening the bullish fractal structure.
Liquidation data also supports this setup. In both cases, significant liquidations of long positions were observed, reducing the number of open positions and washing out over-leveraged positions.
The quick recovery of $70,000 aligns with the previous fractal repair path, opening a move towards $76,000. The $72,000 level acts as a key inflection point where a recovery could trigger a low squeeze if low positions become trapped.
However, the configuration remains time-dependent. A split below $68,300 shifts attention towards the $65,000 and $62,000 levels, where BTC has higher liquidity on the time frame.
Founder of Trading Stables Ryan Scott tiled a key base level, with failure to stabilize above this level signaling needy buyer reaction, increasing the chance of a decline to lows near $62,000.
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