Current on chain support sits near $70,000, but if selling pressure accelerates, some analysts are watching deeper zones around the 200 day and 300 day moving averages as possible long term bottoms. At the same time, US demand appears to be weakening, with the Coinbase Premium staying negative and ETF flows slowing significantly. While short term relief rallies remain possible, many traders now believe the market is entering a phase where preserving capital and managing risk may matter more than aggressively chasing rebounds.