- More than $500 million in buy orders is clustered between $72,000 and $70,000, creating a major demand zone for Bitcoin.
- The daily trend has turned bearish with the RSI hitting a three-month low, while over $2 billion in long positions are at risk near $70,000.
- Traders have spent nearly $10 million on put options with a $70,000 strike, signaling significant hedging activity around that key level.
Bitcoin traders are fortifying a critical defense line near $70,000, amassing over $500 million in buy orders as the price approaches this pivotal liquidity zone. This concentrated demand, visible in order-book data, could determine the asset’s next significant price movement amidst a broader market downturn.
Data from CoinGlass shows dip buyers have placed 6,235 BTC in bid liquidity between $72,000 and $70,000, worth roughly $443 million. The largest cluster sits directly above $70,000, positioned to absorb current selling pressure and potentially trigger a sharp rebound.
Consequently, a liquidation heatmap reveals about $2 billion in cumulative long positions are at risk near $70,000. Once BTC taps this bid cluster, the resulting volatility may propel prices toward overhead liquidation zones where more than $5 billion in short positions sit around $78,000.
Meanwhile, Bitcoin’s daily trend has turned bearish after losing support at $74,800. The relative strength index has fallen to roughly 33, its lowest level since February 24, indicating sustained selling pressure.
Crypto trader Ardi outlined a similar view, noting the $74,500–$75,500 region now acts as resistance. The analyst said a rejection from that area could keep focus on the $71,500 region, according to a post on X.
Options markets confirm the intense focus on the $70,000 threshold. According to Glassnode, traders spent nearly $10 million on put options with a $70,000 strike during the recent dip, highlighting widespread hedging against further downside.
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