Analysis: Bitcoin Falls Below $70,000, Marking Three Consecutive Days of Decline, but a Medium-to-Long-Term Entry Point May Have Emerged

Odaily News Bitcoin failed to hold above $70,000 after a weekend rebound and has declined for three consecutive days. Against a backdrop of weakening spot trading volume, the Crypto Fear & Greed Index remains in the "Extreme Fear" zone. On-chain data firm Glassnode stated that this round of correction remains mild compared to historical cycles, with no signs of the panic selling typically seen at previous cycle tops, suggesting the current period may be an entry point for medium-to-long-term positioning. Meanwhile, Bitcoin spot ETFs have maintained stable net inflows over the past three days, providing some counterbalance to market selling pressure. With low spot trading volume, leveraged funds are dominating short-term price fluctuations. The previous rebound from lower levels was influenced by a squeeze on crowded short positions, and it is expected that short-term prices may still experience sharp volatility within a range. On the macro front, weaker-than-expected U.S. retail sales data have increased expectations for interest rate cuts and put pressure on the U.S. dollar. The market will next focus on non-farm payroll and inflation data, which may further influence risk asset sentiment. (CoinDesk)