- Bitcoin’s price continues consolidating between support at $74,000 and resistance from $78,000 to $80,000, marking its fourth week in this range.
- A whale has been purchasing approximately 450 BTC daily for over eight days using a Time-Weighted Average Price (TWAP) method, absorbing selling pressure.
- Liquidity clusters at specific price levels, identified by Hyblock, act as magnets for price movement, with notable accumulation around $75,675.
- Order book data shows seller presence thickening from $77,700 upwards, suggesting continued resistance in the high $78,000 to $80,000 zone.
Bitcoin’s price action remained in a tight consolidation phase for a fourth consecutive week this June, finding firm support at $74,000 while repeatedly facing resistance in the $78,000 to $80,000 range. According to analysts from Hyblock, an intra-day rally to $78,164 triggered a psychological level where many traders exited their positions.
Hyblock added that longs underwater and shorts in profit likely closed at breakeven at that level. Consequently, they identified two bright liquidity clusters on their heatmap, with the fastest recent buildup occurring around $75,675 to $75,700.
Meanwhile, Blockstream CEO Adam Back posted about a significant Bitcoin whale strategically accumulating supply. This entity has been “hoovering” up roughly 450 BTC per day for the last eight and a half days using a TWAP method.
The current market dynamic shows a futures-led selloff pressuring the price, which is being partially absorbed by spot buyers. This activity helps reinforce the $74,000 support level despite the downward pressure. However, order book depth data clearly indicates seller concentration beginning at $77,700.
Resistance is expected to persist as asks thicken substantially from $78,000 to $80,000. This data suggests Bitcoin’s attempt to break above $78,000 will continue to face significant hurdles in the immediate term.
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