🔥🔥🔥 Will $100M BTC price support help Bitcoin avoid a drop to $61K? 🤔🤔🤔
📌 Bitcoin liquidity is attempting to prevent a deeper BTC price retracement against a background of lower highs.
Bitcoin is seeing “wild” order book behavior as bulls attempt to stave off a fresh BTC price drop.
The latest data from monitoring resource CoinGlass shows a fresh support battleground forming near $63,000.
Bitcoin traders line up last line of defense
Bitcoin
BTC
tickers down
$64,450
set new local lows of $63,400 on Aug. 1, 5% beneath the prior day’s highs, per Cointelegraph Markets Pro and TradingView.
Traders believe that while the price has recovered above the $64,000 mark, it is still due a rematch with those lows.
According to CoinGlass, support liquidity at $63,300 alone now totals nearly $100 million across exchange order books.
✍️ Analyzing the situation, popular trader Daan Crypto Trades suggested that the latest liquidity below the spot price could form part of a deliberate attempt to drive the market higher.
“That’s some wild action in the orderbooks on Binance futures,” he commented on X alongside a chart.
“We saw a lot of orders valued at ~$300M get filled down at these levels. There's an additional ~$300M in orders put below price now, supposedly to try and drive it up. Interesting action.”
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