Bitcoin Eyes $70K as Orderbook Signals Trader
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin is trading within an ascending triangle pattern, and a confirmed breakout could target the daily fair value gap between $67,500 and $70,500 — a trading imbalance left during the recent correction from $83,000 to $59,000.
- The bid-ask ratio on Hyblock remained positive at 0.05 after Bitcoin tagged its yearly low of $59,000 last Friday, indicating buy-side market orders have slightly outpaced sell-side orders.
- Cumulative volume delta (CVD) data shows smaller cohorts drove $53 million (up to $10,000 orders) and $157 million (up to $100,000 orders) in buying activity, while the largest participants ($100,000–$10 million) reduced net selling pressure by $900 million.
- Crypto analyst Kripto Holder identified a $2.68 billion short-liquidity cluster near $64,600, calling it the primary upside liquidity pool and noting Bitcoin's ability to hold above $63,000 amid renewed US-Iran conflict strengthens the recovery case.
- Market analyst PILTR tracked 237 long levels against 128 short positions over the past five days, creating an estimated $4 billion positive imbalance, but flagged that weekend profit-taking could create opposing flows.
- Crypto trader Ardi countered the bullish read, arguing Bitcoin remains inside a bear pennant and identifying $64,000 and $66,000 as the two critical levels — a move above $64,000 would clear both horizontal resistance and the pennant structure.
Why it matters: A confirmed break above $64,000–$66,000 would invalidate the bear pennant thesis and open the door to a $900 million short-squeeze zone near $64,600 plus a $4 billion long-side imbalance, materially shifting short-term trader positioning. The split between ascending-triangle bulls and bear-pennant skeptics means a false breakout at $64,000 could instead accelerate the selling pressure that large participants have only just begun to unwind.
Ask SkimNews
