$BTC has formed a high-level oscillation followed by a significant downward structure on the 4H level, with prices breaking key support. Taker sell volume is notable, buy depth is thin, funding rates have turned negative but open interest remains stable, suggesting that major players are distributing at high levels rather than a pure long liquidation.
🎯 Direction: Flat
Prices are repeatedly testing around 69.5k, but each rebound's peak is declining, and selling pressure continues. The 4H candlestick chart shows the buy/sell ratio remains close to balance (0.45-0.54) in the downtrend candlesticks, indicating a lack of proactive buying support during the decline, which is a passive drop. The sell wall at the order book's top level (69,589.5) has accumulated nearly 5 BTC, forming a clear resistance wall.
Hard logic: Prices have retreated from a high of 72.3k, breaking below the psychological barrier of 70k and previous low support, indicating a weakening structure. Stable open interest accompanied by price declines, combined with negative funding rates, usually points to a “healthy” downtrend dominated by bears, rather than panic liquidation. Market logic suggests “major players are offloading,” which aligns with the data. Currently, there is no clear demand zone support, so we should wait for a clearer structure or a volume spike to signal a stop to the decline.
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$BTC ---
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