Analysis: Bitcoin Hovers Around the $70,000 Mark, Suggesting the Market Bottom May Not Have Arrived Yet

PANews March 20th news, according to Cointelegraph analysis, bitcoin price hovering around $70,000 may indicate that the market bottom has not yet arrived. Bitcoin fell below $69,000 on Thursday, returning to a six-week trading range. This pullback coincided with increased selling in the bitcoin futures market and stagnant demand from U.S. investors. The imbalance between spot and perpetual contracts is evident, with the cumulative spot trading volume difference dropping by $40.64 million, and perpetual contracts decreasing by $506.75 million, showing that leveraged traders are exerting stronger selling pressure. However, the funding rate has turned positive to 0.05%, indicating that bulls are in control, and order book data shows buying support near $70,000.

From the short-term chart, bitcoin is forming a technical pattern similar to that of March 6th to 8th, when the price rebounded after a pullback. The Relative Strength Index is forming a bullish divergence, and liquidation data also supports this structure. If $70,000 is quickly reclaimed, it may open up a move towards $76,000, with the key turning point at $72,000. If it falls below $68,300, it could test the $65,000 to $62,000 range.