Buy $72K dip, or jump ship: What will Bitcoin bulls do?
Bitcoin has dropped back below key support after briefly breaking above $77,000, putting $70,000 in focus again. The decline has been driven by spot ETF outflows, renewed US-Iran conflict, inflation concerns, and doubts about the CLARITY Act passing the Senate. A large amount of leverage built in the $70,000–$75,000 zone is being liquidated, with heatmap data showing another major long cluster being cleared out. Still, some buying signs are emerging. When BTC fell below $73,000, bid depth turned positive for the first time since mid-April, suggesting spot buyers are stepping in. Retail futures positioning has also become more bullish, with the share of retail accounts holding longs above 64%. Historical data show that when this metric is above 64%, forward returns have often been positive. Binance volume data also points to active dip buying in both spot and futures markets.
