- Bitcoin’s price pulled back below $69,000, falling back into its six-week trading range.
- The drop coincided with weakening U.S. investor demand and significant selling pressure in the futures markets.
- A recurring fractal pattern and bullish RSI divergence suggest a potential rebound, similar to one seen in early March.
- Key support and resistance levels to watch are $68,300 and $72,000, with a break lower potentially targeting $65,000.
Bitcoin‘s price retreated below the $69,000 level on Thursday, reversing recent gains and putting it back within the consolidation range it has occupied for the past six weeks. This decline followed a recent test of range highs above $76,000 just days prior.
The pullback aligns with a visible shift where derivatives markets are setting the trend as spot demand fades. The Coinbase premium gap turned negative, indicating weakening demand from U.S.-based investors according to data from CryptoQuant.
Meanwhile, crypto analyst IT Tech noted a stark imbalance, with perpetual futures selling pressure far outpacing spot market activity. However, funding rates have flipped positive, showing a renewed long bias among leveraged traders.
On lower timeframes, Bitcoin is forming a fractal setup that mirrors its early-March bounce. This pattern involves a decline that sweeps internal liquidity before a potential reversal, reinforced by a developing bullish divergence on the RSI indicator.
Consequently, a swift reclaim of the $70,000 level could open a path back toward $76,000, with $72,000 acting as a key pivot. Trading Stables founder Ryan Scott flagged $73,000 as a crucial base for stability. However, a breakdown below $68,300 would shift focus toward the $65,000 and $62,000 support levels.
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