Bitcoin trades near $77,700 as analysts eye $75,000 support after liquidation wave
Open interest held steady and funding stayed subdued during the recent liquidation wave, suggesting traders were de-risking rather than capitulating, according to HashKey Research's Tim Sun....
Key takeaways
- 1Bitcoin trades near $77,700 with $75,000-$77,000 identified as key support zone after recent liquidation wave.
- 2Recent $200 million liquidations split evenly between longs and shorts, indicating de-risking rather than capitulation.
- 3U.S. 30-year Treasury yields above 5% and geopolitical tensions are main headwinds keeping bitcoin range-bound.
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Why it matters
For Indian retail investors, Bitcoin's range-bound stance amid macro headwinds suggests limited upside unless yields ease or geopolitical tensions cool. Additionally, India's recent crackdown on prediction markets like Polymarket signals tighter crypto regulation, which may impact trading and investment options for domestic traders.
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Bitcoin liquidity balance hints at developing rally toward $80K
Bitcoin's liquidity imbalance near $80,000 signals a potential rally, with over $4 billion in short positions vulnerable to liquidation above that level. Technical charts show bullish divergence and inverse head-and-shoulders patterns, while futures traders are driving recent upside despite weak spot market demand. The concentration of leveraged risk above current prices suggests short sellers face greater pressure than longs.
