Bitcoin (BTC) Correction and Market Sentiment Shif

Bitcoin (BTC) experienced a correction to $68,430 after failing to break above $71,000. Bitcoin derivatives data shows a decline in bullish sentiment among professional traders, which could indicate that the $69,000 level will not hold.

- Despite rising from $63,800 to $70,000 in the five days leading up to March 27, just $151 million of short positions were covered in the BTC futures market.

- Bitcoin showed resilience, recovering from a 17.6% decline from $73,757 to $60,795 without panic among spot ETF investors.

- There has been an increase in inflows into spot ETFs this week, with a total of $418 million on March 26.

However, this does not guarantee that $69,000 will become a support level. Global economic issues and mixed market signals are affecting the price of Bitcoin.

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