After weeks of steady growth, Bitcoin is currently holding above $66,000. The price recently encountered a key resistance level at $69,000, which is expected to take time and significant liquidity to overcome.
Key data from Binance shows that more than half of futures traders have been shorting BTC in the past few hours, creating a divided environment in terms of price action.
The futures market often acts as a gauge of momentum and liquidity, signaling potential changes in Bitcoin's price movement. As BTC consolidates just below the $69,000 resistance level, holding support above $66,000, the coming days will be crucial.
Investors and analysts are watching closely to determine whether Bitcoin will break out to a new record high or whether the accumulation phase will continue. The outcome could set the tone for the next phase of the market.
Bitcoin Futures Traders Remain Pessimistic (For Now)
Bitcoin is currently in a consolidation phase after weeks of impressive price gains. Despite this pause, analysts and investors remain optimistic about Bitcoin’s price trajectory in the coming weeks, with many believing that BTC will begin a strong rally once it breaks its all-time high. However, this breakout could take some time, as key data from Binance shows bearish sentiment among futures traders.
Top analyst and investor Ali Martinez shared the 4-hour long-short ratio on Binance, revealing that 53.71% of futures traders are shorting BTC. This bearish position reflects indecision in the market, as traders remain uncertain when Bitcoin will break above the key $69,000 level. The ongoing short squeeze could act as a temporary barrier to Bitcoin's upside momentum.
However, the outlook could change quickly, as spot investors could take advantage of the current dip and start buying Bitcoin. The surge in spot buying could provide the liquidity needed to push BTC higher, reversing the bearish sentiment in the futures market.
If buying pressure increases, Bitcoin could soon challenge and surpass the $69,000 resistance level, potentially paving the way for a new record high. In the short term, investors are closely watching to see if Bitcoin consolidates further or gains enough momentum to continue its uptrend.
BTC Check Main Liquidity Level
Bitcoin is trading at $66,800 after facing rejection from the $69,000 supply level. Despite the pullback, BTC remains strong, holding above $66,000. This price level is important as it will likely determine Bitcoin's direction in the coming days.
If BTC fails to hold above $66,000, the price could seek liquidity lower, with $64,000 as the next target. This level coincides with the 4-hour 200-day moving average (MA) and the exponential moving average (EMA), making it a key area of interest for buyers and sellers.
On the other hand, if Bitcoin manages to sustain above $66,000, the next move is likely to be a retest of the $69,000 resistance or a potential rise to $70,000.
The coming days will be crucial in determining whether BTC continues its upward momentum or faces further consolidation around these key levels. Traders and investors are closely watching to see how Bitcoin reacts to the $66,000 support level, which could set the stage for the next big move.