Analysis: Despite Bitcoin's price falling below $71,000, data shows its bullish momentum has not diminished.

PANews reported on March 19th, citing Cointelegraph, that despite Bitcoin's price falling below $71,000, data shows its bullish momentum has not waned. Bitcoin retreated 7% after hitting $76,000 on Tuesday, as Israeli attacks on Iranian gas facilities pushed up oil prices and US PPI exceeded expectations, while US stocks also fell. Analysts point out that continued buying by US-listed ETFs and Strategy provides support for spot demand for Bitcoin. Bitcoin long positions have low leverage, so even if the price falls another 5%, the risk of a chain reaction of liquidations is relatively small. Rising inflation concerns are negatively impacting fixed-income returns, paving the way for funds to eventually rotate from gold to Bitcoin. Bitcoin perpetual contract funding rates remained below the neutral range when the price broke through $76,000, indicating that the rally is driven by spot demand rather than derivatives speculation. Gold prices have shown signs of fatigue, and if funds flow out of gold, it could become a catalyst for continued Bitcoin price increases.