Analysis: Bitcoin Hovering Around $70,000 Mark May Suggest Market Bottom Has Not Yet Arrived

ZkProver

2026-03-22 07:32:57

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ChainCatcher reports that, according to Cointelegraph analysis, Bitcoin trading around $70,000 may indicate that the market bottom has not yet arrived.

Bitcoin fell below $69,000 on Thursday, retreating into a six-week trading range. This correction coincides with increased selling in the Bitcoin futures market and stagnant demand from US investors. There is a clear imbalance between spot and perpetual contracts, with the spot trading volume difference decreasing by $40.64 million and perpetual contracts dropping by $506.75 million, indicating stronger selling pressure from leveraged traders. However, funding rates have turned positive to 0.05%, suggesting that bulls are in control. Order book data shows support around $70,000.

In the short-term chart, Bitcoin is forming a technical pattern similar to March 6-8, when the price rebounded after a correction. The Relative Strength Index (RSI) is showing a bullish divergence, and liquidation data also supports this structure. If Bitcoin quickly recovers above $70,000, it could move toward $76,000, with a key resistance at $72,000. If it falls below $68,300, it may drop to $65,000–$62,000.

BTC-1.6%

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