Analysis: Bitcoin has fallen for three consecutive days after losing the $70,000 mark, but the timing for medium to long-term positioning may have already emerged

Bitcoin failed to stabilize after rebounding to $70,000 over the weekend, marking its third consecutive day of decline. Amid weakening spot trading volume, the Crypto Fear and Greed Index remains in the "Extreme Fear" zone. On-chain data providers indicate that this round of correction is relatively mild compared to historical cycles, with no signs of panic selling commonly seen at the tops of previous cycles, suggesting that this may be a good time for medium to long-term positioning.

Meanwhile, Bitcoin spot ETFs have maintained a steady net inflow over the past three days, providing some hedge against market selling pressure. With spot trading volume low, leveraged funds are dominating short-term price fluctuations. The recent rebound from the lows has been influenced by the squeeze of crowded short positions, and short-term prices are expected to remain volatile within a range. On the macro front, weaker-than-expected U.S. retail sales data has raised expectations for interest rate cuts and suppressed the dollar's performance. The market will next focus on non-farm payroll and inflation data, which may further impact the sentiment towards risk assets.