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PANews March 20th news, according to Cointelegraph analysis, bitcoin price hovering around $70,000 may indicate that the market bottom has not yet arrived. Bitcoin fell below $69,000 on Thursday, returning to a six-week trading range. This pullback coincided with increased selling in the bitcoin futures market and stagnant demand from U.S. investors. The imbalance between spot and perpetual contracts is evident, with the cumulative spot trading volume difference dropping by $40.64 million, and perpetual contracts decreasing by $506.75 million, showing that leveraged traders are exerting stronger selling pressure. However, the funding rate has turned positive to 0.05%, indicating that bulls are in control, and order book data shows buying support near $70,000.

From the short-term chart, bitcoin is forming a technical pattern similar to that of March 6th to 8th, when the price rebounded after a pullback. The Relative Strength Index is forming a bullish divergence, and liquidation data also supports this structure. If $70,000 is quickly reclaimed, it may open up a move towards $76,000, with the key turning point at $72,000. If it falls below $68,300, it could test the $65,000 to $62,000 range.

On March 20, according to Lookonchain monitoring, a whale, identified as 0xc9d, had accumulated 742.8 WBTC over the past year at an average price of approximately $89,117, with a total transaction amount of about $66.2 million. The whale has now sold all of these WBTC at a price of approximately $70,259, resulting in a loss of about $14 million.

On March 20th, according to Lookonchain monitoring, billΞ.eth (@0xbilly) sold 5,571 ETH (valued at $11.76 million) 12 hours ago at an average price of $2,111, incurring a loss of $760,000.

PANews March 20 news, Greeks.live macro researcher Adam posted on X platform that on March 20, 23,000 BTC options expired, with a Put Call Ratio of 0.88, the maximum pain point at $70,000, and a notional value of $1.6 billions. 176,000 ETH options expired, with a Put Call Ratio of 1.04, the maximum pain point at $2,150, and a notional value of $370 millions. The current round of rebound in the crypto market has ended, bitcoin once fell below the $70,000 mark, and $75,000 has often been mentioned as a key resistance level in the past week. At the end of the month, 5% of options are piled up at this price, but the breakthrough failed and bitcoin fell back to around $70,000.

Next Friday is the quarterly settlement. According to options market data, $75,000 is the price with the most concentrated positions and is an absolute resistance level. Below, $65,000/$62,000/$60,000 are all dense position areas and can be considered as support for declines. This week, the IV and RV of major term options basically remained unchanged, with BTC's major term IV at 50% and ETH's major term IV at 70%. RV continues to decline, causing VRP to keep rising. Only 5% of total positions' options expired, continuing to hit the lowest level. Despite volatility, bitcoin's trading activity remains at an extremely low level. Due to the price pullback, Skew has declined across the board, the market is still bearish, and the bullish forces are very fragile.