📰 #bitcoin struggling at the mark 70.000 #usd when selling pressure increases
The price of Bitcoin has retreated below 69.000 USD after hitting a high of 76.000 USD. Data shows that direct buying demand from American investors is weakening, while selling pressure from the derivatives market is dominating. Some key points:
- The price spread index on #coinbase has turned negative, reflecting low buying power.
- Selling pressure from futures contracts is many times higher than the spot market.
- The market needs to hold the 68.300 USD mark to avoid falling to the 62.000 USD zone.
- The divergence of the index #RSI indicates that the selling momentum may be running out, opening up recovery opportunities if the 70.000 USD level is regained.
👉 The market is in a phase of cleansing positions with excessively high leverage before determining a new trend.
