Bitcoin slides to $69.9K as aggressive spot selling overwhelms perp bids. Analysts flag key levels to watch amid rising downside pressure.
Bitcoin is under pressure. The price fell to $69,957.88, marking a 3.32% drop in 24 hours.
Crypto analyst IT Tech flagged the move early, pointing to a sharp split between spot and derivatives markets. Spot sellers were moving aggressively while perpetual futures buyers held their ground. That balance, however, did not last long.
Bitcoin Spot Selling Signals Growing Downside Risk
IT Tech first flagged the divergence when BTC was trading at $70,100 on spot and $70,700 on perpetuals. Spot CVD had already reached -137.14M, signaling heavy aggressive selling. Perp CVD was lighter at -51.39M at the time.
Spot is bleeding while perp bids are stacking. 🚨$BTC at 70.1K spot, 70.7K perp after the flush from 73K.
• Spot CVD: -137.14M (aggressive selling)
• Perp CVD: -51.39M (lighter)
• Order depth: Perp +950 vs spot +218. Perp liquidity 4x stronger.
• Funding: Flipped negative… pic.twitter.com/3C1op4hOg2— IT Tech (@IT_Tech_PL) March 6, 2026
The analyst noted that perp order depth was roughly four times stronger than spot depth, at +950 versus +218. Funding rates had also flipped negative, sitting near 0.0032%.
IT Tech described the setup as a “two-sided trap,” with dense liquidity stacked between $71,000 and $71,500 above, and $69,700 to $70,000 below.
The critical level was $70,000. A hold there pointed to a bounce toward $71,000 to $71,500. A break below signaled a flush toward $69,700. The analyst warned that leverage, not conviction, was propping up the price.
Related Reading: Arthur Hayes Warns Bitcoin Rally May Only Be a Temporary Bounce
Perp Bids Pull, Pushing Bitcoin Toward Key Support
The trap eventually snapped. In a follow-up post, IT Tech confirmed that perp bids had been pulled. Spot CVD deepened to -202.49M. More telling, perp CVD collapsed from -51M to -185.60M.
Both sides were now selling hard. Price slid from $70,100 down to $69,800.
Update: Perps just broke. 🚨
Both sides are now selling hard:
• Spot CVD: -202.49M
• Perp CVD: -185.60M (was -51M)Price dropped from 70.1K to 69.8K. Perp bids that were holding the price just got pulled.
CVD = Cumulative Volume Delta. Tracks buy volume minus sell volume.… https://t.co/y6LzItoqQj pic.twitter.com/wvKB53eR3I
— IT Tech (@IT_Tech_PL) March 6, 2026
IT Tech explained that when both spot and perp CVD turn deeply negative together, it signals clear downside momentum. The next key level to watch moved down to $69,700. A break there, according to the analyst, would push the price lower and faster.
Adding to the outlook, crypto account Bitcoinsensus shared a 3-day liquidity map for BTC. The chart showed dense liquidity overhead near $74,000 to $75,000.
A heavy pool also sat below in the high $60,000s, around $68,000 to $69,000.
With price hovering near $70,000, BTC sat right between both zones. CoinGecko data confirmed the 24-hour trading volume reached $48.6 billion, reflecting high market activity during the sell-off.
Despite the short-term decline, Bitcoin was still up 5.80% over the past seven days, showing that the broader weekly trend remained positive heading into the dip.
