Bitcoin price briefly rose to $77,400, but according to current data, investors are taking profits, making it difficult for BTC to establish permanent support in the $77,000-$80,000 range. Order book data provided by TRDR showed that there were over $130 million in total sell orders between $76,700 and $79,300. High selling pressure at these levels may limit the continuation of the rise.
Prominent dynamics in price movements
Bitcoin’s short-term futures data indicates that, despite the negative funding rate and relatively low long-short spread, the bulls maintain their advantage for now. At the time of writing, the difference between long and short positions stands at $1.47 million; This represents a positive sign. The threat of mass closing of short positions increases, especially at levels of $ 76,800 and above. In this range, between $66.5 million and $189 million, negative delta is seen – meaning liquidation risk for short positions is increased.
From a technical analysis perspective, Bitcoin’s transformation of $75,000 into a support level (support-resistance transformation) is noteworthy. Moreover, the price managed to regain control above the 20-day moving average of $76,067. These developments played a role in maintaining the upward trend for now.
Profit sales and lack of volume
The most positive scenario for bulls in the short term would be a breach of the channel resistance line at $79,000, as seen this week, and then confirmation of the $80,000 level as support. On the other hand, profit taking and insufficient volume, especially around $77,000, restrict the rise. In order for the breakout to be sustained, a significant increase in volume is needed either in the spot market or in futures.
According to TRDR charts, Bitcoin’s intraday spikes are usually caused by liquidations, and rallies are short-lived due to persistent spot demand and lack of long-term leverage.
Liquidity and technical indicators
The volume of sell orders in the order book between $76,700 and $79,300 creates significant resistance in current pricing. Unless there is a significant increase in volume in spot and perpetual futures transactions, it becomes difficult for the price to overcome these resistances. Recently, the Bitcoin price has been exhibiting sudden movements due to instant liquidations, but since the transaction volume is low, these waves do not last for a long time.
While uncertainty regarding price direction continues in the short term, investors are closely monitoring the volume increase and the formation of solid support levels in the coming days.
