Analysis: Bitcoin has fallen but no on-chain panic signals have appeared, suggesting a potential entry point for medium- to long-term investment.

Bitcoin failed to hold above $70,000 after a weekend rebound, marking its third consecutive day of decline. Amid weakening spot trading volume, the crypto fear and greed index remained in the "extreme fear" range. On-chain data provider Glassnode stated that this pullback is relatively mild compared to historical cycles, lacking the panic selling typical of previous cycle tops, suggesting a potential entry point for medium- to long-term positions. Meanwhile, Bitcoin spot ETFs have maintained stable net inflows over the past three days, providing some offsetting to selling pressure. With low spot trading volume, leveraged funds are driving short-term price fluctuations. Bitcoin's previous rebound from its lows was hampered by crowded short positions, and further price volatility within a range is expected in the short term. On the macro front, weaker-than-expected US retail sales data boosted expectations of interest rate hikes and suppressed the dollar's performance. The market will now focus on non-farm payroll and inflation data, which could further influence risk asset sentiment. (CoinDesk)