Bitcoin slid to around $72,000 and tested the lower end of its monthly trading range, but retail investors appeared to step up spot buying and expand long positions.

On May 29, Cointelegraph reported that selling across spot, futures and spot exchange-traded fund (ETF) markets pulled bitcoin lower, but some data showed demand for buying the dip.

Bitcoin had earlier traded above the $77,000 resistance level for several days, raising expectations that the downtrend could end. It later gave up key support levels one after another, and the possibility of a retest of $70,000 is now being discussed. The decline from the top of the range is about 16 percent.

The report cited large outflows from spot bitcoin ETFs, the resumption of military clashes between the United States and Iran, inflation concerns and uncertainty over the Senate passage of the "Clarity bill" as factors behind market weakness. The focus is on whether new demand in spot and futures markets can prevent further price declines, rather than on the negative factors themselves.

By price zone, after bitcoin fell below $75,000 in February 2026, that area has served as a key support and resistance level. Many in the market viewed $60,000 as the bottom of this cycle, and long-term leverage accumulated in the $70,000 to $75,000 range. In this decline, a sizeable portion of those positions appeared to be unwound.

There are also signs of change in short-term supply and demand. When bitcoin fell below $73,000 on May 28, The Hyblock's bid-ask ratio rose above zero for the first time since April 12. Under a setting that measures order book depth at 10 percent, the ratio at 0.03 means buy orders became dominant during the decline. This can be read as an early signal of inflows of buying interest in the spot market.

Directional bets by retail investors were also seen in the futures market. A metric showing the share of long positions among retail futures accounts topped 64 percent. The Hyblock analysts also presented bitcoin forward return data based on retail accounts alongside the figures. Despite a run of negative news, and unstable ETF flows and geopolitical conditions, this suggests retail investors in the spot market view current prices as a discount zone.

Still, it is difficult to conclude that this buying alone marks a trend reversal. The current decline is unfolding as ETF outflows, macro factors and geopolitical risks overlap. With leverage built up in the $70,000 to $75,000 range still being unwound, the report said there remains a chance of increased short-term volatility.

The next point to watch is whether spot demand and futures long positions around $70,000 translate into actual price support. The confirmation of retail dip-buying suggests recognition of a near-term floor remains intact, but the outlet noted it is hard to rule out another test lower if pressure from ETF flows and external factors persists.