I just noticed that spot trading volume has dropped drastically, so what does this declining spot activity mean? Basically, it indicates that investors are cooling off after a massive liquidation. This week, BTC spot volume decreased by 59%, and perpetual open interest also dropped to the lowest level in four months. This is very similar to the end of 2022, when the market was already fearful but not ready to rise. Analyst K33 says BTC is likely stuck in the $60K-$75K range for now, an accumulation zone that’s quite boring but interesting for long-term holders.

What’s interesting is that the Fear and Greed Index dropped to a level five weeks ago. This is an extreme level, meaning everyone is panicking. But on the positive side, perpetual funding rates are still negative, and US ETFs have also experienced significant outflows. This suggests that the bearish positions are already behind us, and the market may be close to the bottom.

So if you’re a long-term investor, the current price at $74K is actually a good zone to accumulate, but you need to be patient. Don’t try to time the market perfectly, because Bitcoin usually moves sideways for a long time and then suddenly spikes 100% within a few days. If you miss that window, you might miss the entire rally.