News Summary

• Bitcoin dip buyers are present near range lows, and new leveraged longs opened in the zone but the volumes lack the size needed to reverse the downtrend.
• BTC’s subsequent fall to $72,500 raised concerns that the price would slip back into the $60,000 to $70,000 range that BTC was locked in during February through April.
• The current longs perps and spot buying activity have not been sustainably sufficient enough to reverseThe downtrend, but it is helping to absorb the selling and put a floor (or support) beneath Bitcoin price.