Bitcoin price tussle at $70K may hint that market bottom is not in
Bitcoin price dipped under $70,000, but a bull-friendly set-up on the lower time frames forecasts a swift rebound.
Bitcoin (BTC) dropped below $69,000 on Thursday, pulling the price back into its six-week range just days after tapping range highs above $76,000.
The pullback coincides with an increase in selling from Bitcoin futures markets and stalling demand from US-based investors, but the chance for a rebound rally remains. A recurring chart setup indicates that BTC can return to its bullish pathway if the necessary conditions are met.
The latest pullback aligns with a visible shift in derivatives’ dominance over spot activity. The Coinbase premium gap turned negative after a period of steady demand, pointing to weak follow-through from US-based investors.
