Analysis: Bitcoin hovers around the $70,000 mark, possibly indicating the market bottom is yet to come

Bitcoin's price hovering around $70,000 may indicate that the market bottom has not yet arrived. Bitcoin fell below $69,000 on Thursday, retreating into its six-week trading range. This pullback coincided with increased selling pressure in the Bitcoin futures market and stagnant demand from US investors. The imbalance between spot and perpetual futures is evident, with a $40.64 million decrease in spot cumulative trading volume and a $506.75 million decrease in perpetual futures, indicating stronger selling pressure from leveraged traders. However, the funding rate has turned positive at 0.05%, suggesting that bulls are in control, and order book data shows buying support around $70,000. Looking at the short-term charts, Bitcoin is forming a technical pattern similar to March 6-8, when the price rebounded after a pullback. The Relative Strength Index is forming a bullish divergence, and liquidation data also supports this structure. A swift recovery above $70,000 could initiate a move towards $76,000, with a key inflection point at $72,000. A break below $68,300 could lead to a test of the $65,000 to $62,000 range.