Positioning data indicates shorts remain dominant and in profit, while long exposure is still recovering from the recent drawdown. As BTC stabilizes near 70.5k, selling pressure appears to be easing, suggesting the market is transitioning from a corrective phase into consolidation.
From a daily perspective, #bitcoin 71,800–72,500 remains a key reclaim zone. A sustained close above this range could trigger short covering and open upside toward 75,000–78,000. On the downside, 68,000 is the first critical support; a daily close below it would expose 64,500–62,000 as the next demand area.
Overall, traders are likely to remain selective, waiting for confirmation at these levels before committing to directional bias.