After Bitcoin (BTC) finally broke out of its channel model and consolidated above the $77,000 resistance level, traders declared the downtrend over. However, BTC has since fallen below several support levels, dropping 16% from its highs and risking a retest of the $70,000 mark, reports Cointelegraph.com reports .
Outflows from billion-dollar spot BTC ETFs, renewed military tensions between the US and Iran, inflation concerns, and the potential failure of the CLARITY Act in the Senate are contributing to Bitcoin's weakness. The key question now is whether demand in the spot and futures markets can halt the price decline.
Since falling below $75,000 in February 2026, this level has served as a critical support and resistance point. While analysts consider $60,000 the cycle low, long-term leverage positions were primarily concentrated between $70,000 and $75,000, and most of these positions were liquidated this week.
When the Bitcoin price fell below $73,000 on Thursday, Hyblock data showed the BTC/USDT bid-ask ratio rising above zero for the first time since April 12. This is an early signal that buyers are beginning to dominate the order book and traders are purchasing the asset on spot markets.
Meanwhile, the share of retail investors holding long positions in futures accounts has exceeded 64%. Data indicates that despite the flow of negative news and geopolitical instability, retail investors consider current prices attractive and continue to buy.
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