Bitcoin's apparent calm masks growing nervousness. Maintained below the threshold of 70,000 dollars, BTC is moving in a technical compression zone while more than 200 million dollars have been liquidated in just 24 hours. Behind this deceptive stability, the signals are accumulating: lack of convincing rebound, falling peaks and persistent exits by institutional investors. The crypto market is holding its breath, hanging at technical levels likely to trigger a sharper move.
In brief
- Bitcoin remains stuck below $70,000 in a technical compression phase which is weakening the market.
- More than $210 million in positions were liquidated in 24 hours, revealing latent tension despite limited apparent volatility.
- Technical analysts are observing descending highs and anticipate a possible test of lower levels in the near term.
- The $68,000 to $71,000 zone concentrates a significant volume of potential liquidations, likely to attract the price.
Bitcoin in a narrow price range
Bitcoin is currently in a technical compression phase marked by a lack of significant rebound and a high level of liquidations.
Market data and analyst statements reveal several factual elements:
- A daily low observed at $65,620;
- BTC has been trading in a tight range for two weeks, with a support zone around $66,000 and resistance near $71,000;
- More than $210 million liquidated in 24 hours;
- Michaël van de Poppe believes: “This gives me the impression that we are going to test lower levels in the markets to see if bitcoin can find support”. He adds: “no significant bounce, and consistently lower highs”.
These comments underline a technical structure characterized by successive descending peaks and the absence of a marked bullish reaction despite an improvement in jobless claims in the United States before the opening of Wall Street.
The observed dynamics contrast with the apparent stability of the price. While BTC remains locked below $70,000, the volume of liquidations remains high, revealing latent tension in the derivatives market. This situation suggests that the current range is not synonymous with equilibrium, but rather a market under pressure where every move can trigger forced exits.
A concentration of liquidity above the market
Beyond the immediate technical structure, attention is focused on the distribution of potential liquidations. The co-founder of Wealth Capital highlights a notable asymmetry: “Beneath our current levels, between $64,000 and $66,000, there is still a significant amount of liquidity remaining”. However, he specifies that “The area between $68,000 and $71,000 concentrates around three times more liquidations ready to be triggered, making it a more likely level to reach in the coming days. Bulls must react quickly ».
In other words, the area between $68,000 and $71,000 concentrates approximately three times more potential liquidations than the area below the current price. For its part, Daan Crypto Trades tempers the immediate scope of liquidity close to $66,000, which it describes as “nothing significant”while recalling that this zone served as support during the last two weeks.
At the same time, the institutional context remains marked by capital outflows. The Kobeissi Letter reports $173 million in outflows from crypto funds last week, the fourth consecutive negative week. The cumulative total reached –3.74 billion dollars over four weeks, with –133 million for bitcoin and –85 million for ether over the last weekly period. According to this analysis, sentiment is reaching “levels of extreme pessimism”.
The market remains suspended at decisive technical thresholds. As long as the price of bitcoin remains below $70,000, the pressure persists and nervousness dominates. High liquidations and institutional withdrawals reflect a fragile balance. The current sequence could precede a more marked movement, bullish or bearish.
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