Foreign media analysis suggests that after Bitcoin fell below $71,500, short-term selling pressure has not eased significantly. The article cites on-chain and market data indicating that buying momentum is weakening, institutional fund flows are slowing, and the market is watching whether the $69,000 level can provide support.
ETFs turn negative and losses widen
The article mentions that Glassnode's realized profit/loss ratio has dropped to -0.87, meaning that there are more losing trades than winning trades in the market. This usually reflects weakening investor confidence and will increase selling pressure during correction phases.
Meanwhile, Bitcoin ETFs saw a net outflow of approximately $1.27 billion weekly, indicating a cooling in institutional demand. If this outflow continues, the buying power in the spot market may further weaken.
There are still too many derivative products.
Despite the price decline, funding rates remained positive, indicating that many traders in the derivatives market still maintained long positions. The article argues that this structure could amplify the risk of forced liquidation and increase short-term volatility if prices continue to fall.
In terms of momentum indicators, price momentum is nearing the lower end of the range, indicating a significant weakening of previous upward momentum. Sellers currently still hold the short-term initiative.
$69,000 becomes the next level to watch.
From a chart perspective, Bitcoin has broken below the $73,800 to $75,800 range, which has now turned into resistance. The price is approaching the next key support level near $69,000, a position that has acted as a pivot point during previous consolidation phases.
The article also mentions that the RSI has fallen to around 31, approaching oversold territory; the CMF remains below the zero line, indicating continued capital outflow. While oversold conditions can sometimes bring brief rebounds, the overall structure remains weak if it cannot regain the previously breached resistance zone.
If $69,000 is breached, the next major demand zone could shift down to around $65,000. The article argues that to prevent further correction, Bitcoin needs to hold the $70,000 level and experience a strong rebound before it can retest the $75,000 area.
