The sale of Bitcoin was covered by 70 thousand dollars, but to restore the data points
Bitcoin (BTC) fell below $69,000 on Thursday, pulling the price to a six-week high, days after touching the region above $76,000.
The pullback coincides with increased selling in Bitcoin futures markets and a halt in interest from US-based investors, but the possibility of a rally remains. A recurring chart setup indicates that BTC may return to its bullish path if the necessary conditions are met.
Bitcoin futures will set the trend as spot demand fades.
The recent reversal is consistent with a shift in the dominance of derivatives over spatial activity. Coinbase's premium gap turned negative after a period of steady demand, indicating weak tracking by US-based investors.
Meanwhile, crypto analyst IT Tech has pointed out a clear mismatch between the current and future prospects. Cumulative Volume Delta (CVD), which tracks net buying and selling in markets, fell by $40.64 million for the spot CVD, while the perpetual CVD fell by $506.75 million, highlighting strong selling pressure by traders.
However, the funds rate turned positive by 0.05%, meaning that long positions are now paying short, indicating a long bias in the spread markets.
Order book data shows that bid-side support is held near the $70,000 region, with both spot and perpetual markets biased toward buyers.
RELATED: OP_NET Launches Bitcoin DeFi Push Without Bridge or Wrapped BTC
Fractal configuration mirrors the launch of early March
On lower timeframes, Bitcoin is forming a fractal setup similar to the correction from March 6 to March 8 when the price dropped and swept internal liquidity levels before turning higher on the charts.
The current action follows similar patterns, with a series of lower lows developing for the price's weakness.
In the previous breakdown, the reversal was aligned with a bullish divergence on the Relative Strength Index (RSI) indicator, with the RSI holding equal lows as the price printed lower. The pattern indicated a fading momentum from sellers. A commensurate divergence is now occurring, reinforcing the fractional structure of the force.
The liquid data also supports this setup. In both cases, significant long-term liquidity was observed, reducing open interest and eliminating excess positions.
A quick return of $70,000 corresponds to the previous path of fractal recovery, opening a trip to $76,000. The $72,000 level acts as a key pivot, a recovery could trigger a short squeeze if short positions are held.
However, the setup remains time-sensitive. A break below $68,300 will focus towards the $65,000 and $62,000 levels, which are the high timeframes set for BTC.
Trading Stables founder Ryan Scott identified $73,000 as a key base level, noting that volatility above this level would indicate weak buyer reaction, raising the possibility of a move lower to the $62,000 range.
Related: Bitcoin Prediction Markets 2019 You see a 70% chance that the BTC price will fall to $55k by 2026.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision. While we strive to provide accurate and up-to-date information, Cointelegraph does not guarantee the accuracy, completeness or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph shall not be liable for any loss or damage arising from reliance on this information.
