Near 70,000, shorts begin to stir.
The recent $BTC rebound came quickly—and so did the cooling off. Now it keeps retesting 70K, more like confirming support rather than breaking through outright.
If it breaks down effectively:
📉 68,500: the first major demand/transaction-dense zone
📉 66,000: the next psychological support
At the same time, the perpetual funding rate turning negative also suggests long leverage is cooling off and shorts are starting to build.
But you can’t simply interpret this as a bullish/bearish reversal.
What really matters is whether 70K can hold.
If it breaks below with volume, that’s when I’ll consider going with the trend;
if it chops sideways on low volume, I’ll keep waiting.
On the other hand, if ETF flows pick up again and macro expectations turn more dovish, the crowded shorts could end up becoming fuel for an upside move.
So the most important thing right now isn’t guessing price action, but:
Watch 70K and let the market choose the direction.
NFA—just my personal market observations.
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