Analysis: Bitcoin Drops for Three Consecutive Days After Falling Below $70,000, but a Mid- to Long-Term Entry Point May Have Emerged

According to ChainCatcher, after rebounding to $70,000 over the weekend, Bitcoin failed to hold its ground and has now declined for three consecutive days. Amid weakening spot trading volume, the Crypto Fear & Greed Index remains in the "Extreme Fear" zone. On-chain data providers indicate that this round of correction is still mild compared to historical cycles, with no signs of panic selling typically seen at previous cycle tops. This may present an opportunity for medium- to long-term positioning.

Meanwhile, over the past three days, Bitcoin spot ETFs have continued to see steady net inflows, providing some hedge against market selling pressure. With spot trading volume remaining low, leveraged funds are dominating short-term price movements. The recent rebound from lows was driven by a short squeeze on crowded short positions, and it is expected that short-term prices may continue to fluctuate sharply within a range. On the macro front, weaker-than-expected US retail sales data has boosted expectations of interest rate cuts and weighed on the US dollar. The market will next focus on non-farm payroll and inflation data, which could further influence risk asset sentiment.