Bitcoin's price has seen significant fluctuations, with the cryptocurrency reaching $69,000 on Tuesday and maintaining that level today. However, there is notable selling pressure, with longs being wiped out and squeezed under spot selling pressure. The lowest perpetual premium since Bitcoin was at $66,000 has been observed on Binance perps. Bitcoin is currently less than $5,000 away from a key level, and there is a need for spot absorption to establish a local low. Institutional demand for digital assets remains a topic of interest.