The Bitcoin market has experienced a day of high volatility, which triggered mass crypto liquidations exceeding 250 million dollars in just 24 hours. According to CoinGlass data, this phenomenon affected both long and short positions, while the leading criptocurrency seeks to consolidate support after nearly touching the 71,000 dollar mark during previous trading sessions.
The price of Bitcoin, after attempting to conquer higher levels, suffered a 2.3% daily setback that placed the operational focus on 68,500 dollars. This technical move, characterized by an aggressive cleanup of leveraged positions, shows that bears are trying to regain control of local price, taking advantage of the lack of conviction in recent institutional buying volume.
Although the price remained within a relatively narrow range, the violence of intraday movements created a scenario where over 150 million in long positions vanished quickly. This environment, described by Wealth Capital analysts as a high-probability zone for liquidity sweeps, suggests that traders must prepare themselves for support tests at lower price levels.
Will the 66,000 dollar support stop the bearish advance?
The analysis platform Material Indicators warned that large holders, commonly known as whales, have maintained a constant selling trend during the most recent operating days. Therefore, the market seems to be setting up for a retest of local support, which could lead to a deeper correction if the absorption of circulating supply continues to show signs of persistent weakness.
Furthermore, the firm CryptoQuant has pointed out that real demand growth has entered negative territory, making it difficult for the market to absorb coins entering exchanges. This lack of fresh capital, combined with divergences observed in previous bullish cycles, indicates a transition phase where buying momentum could stall before defining a clear trend for the coming weeks.
Looking ahead to the immediate future, the ecosystem stands at a crossroads where the liquidity accumulated between 66,000 and 68,000 dollars acts as a magnet for the price. While there is a capital reserve waiting above 72,000 dollars, the absence of new investment flows suggests that the current consolidation could be prolonged throughout the upcoming Wall Street trading sessions.
