- Bitcoin Futures order book remains loose.
- Bybit moves $3.3 billion worth of BTC to new wallet.
The price action of Bitcoin [BTC] is creating a dynamic environment as its Futures order book remains loose.
Recent data from the Bitcoin liquidation heatmap showed heightened activity, suggesting potential liquidations that could trigger price movements.
This creates a playground for large players to influence price movements in the zone between $67.5K and $69.5K, signaling volatility.
With Futures positions competing in these zones, Bitcoin’s price could see rapid swings up or down with relatively small amounts of capital.
Source: Coinglass
A key support level at $63K may be tested if Bitcoin fails to hold above its key Fibonacci retracement level. However, long-term holders may find reassurance in strong support from the 180 and 120-day moving averages.
With nearly 49,000 BTC moved from Bybit’s cold storage to a new wallet, some investors are paying close attention to these significant transfers.
Such large-scale transactions could signal market shifts, and the Bybit team’s internal movement of assets should be carefully monitored, especially with liquidations in play.
Source: Arkham
BTC local top and sentiment
In terms of price forecasts, Bitcoin is approaching resistance at $70K, with CME Futures slightly above current prices.
Market participants are keenly watching whether BTC can break through this resistance or face rejection.
Bulls will need to defend the $68K support level, as maintaining this price is crucial for preventing a more significant drop.
Historically, when unrealized profits rise sharply, as they currently have (exceeding $7 billion), traders tend to cash in, which could ramp up selling pressure and trigger a local top before a pullback.
Source: CryptoQuant
Additionally, sentiment surrounding Bitcoin has turned more positive after a period of pessimism. There has been a noticeable shift towards bullish sentiment on social media.
Buying during fear and selling during euphoria has historically been profitable for traders. This trend boosts confidence for those seeking to capitalize on current market dynamics.
Read Bitcoin’s [BTC] Price Prediction 2024–2025
As Bitcoin moves through its swing price range and key resistance levels, traders must stay alert for shifts. Volatility is likely in the coming weeks, with large players influencing the market through strategic trades.
The key question is whether Bitcoin will break higher or face a short-term correction before its next rally. Price swings are expected within the two major liquidation zones, creating opportunities for both Futures and spot traders.
