While Bitcoin is approaching the $ 70,000 level after the recent withdrawal, intense buy orders at this level are being closely monitored in the crypto market. According to the current order book data published by CoinGlass, there are limit purchase orders for a total of 6,235 BTC between 72,000 and 70,000 dollars. It is stated that the market value of these orders reached approximately 443 million dollars.
Whenever the price approaches the $70,000 level, this demand cluster may accelerate bullish attempts or short-term halt to selling pressure. Limit buy orders are the name given to purchase requests placed at levels below the market price. When the price drops to these levels, it is possible to curb sharp declines as there is a strong buyer base that can meet the current supply.
Lower support levels and liquidity outlook
A notable new support point stands out just below $70,000. At $68,505, a new buy order of approximately 1,012 BTC (approximately $69 million) is clustered. If it falls below this level, it is observed that there is a serious demand gap in the order book.
According to the latest data, in addition to these buy orders in the spot market, a critical balance has also been created on the futures side. Looking at CoinGlass’ heat map, it appears that a total of $2 billion long positions around $70,000 are at risk of liquidation. On the other hand, short positions exceeding $ 5 billion at the $ 78,000 level attract attention.
| Level | BTC Amount | Dollar Equivalent |
|---|---|---|
| 72,000-70,000 | 6,235 BTC | $443 million |
| 68,505 | 1,012 BTC | $69 million |
Heavy buy orders in the order book could be decisive in which direction Bitcoin moves in the near term. Demand, especially in the $70,000 range, may cause the price to react sharply.
Strengthening downtrend and RSI data
Bitcoin entered a downtrend on the short-term chart after losing support at $74,800. Recent movements of the price confirm the downward move with both a lower high and a lower low formation. Finally, the price is testing at the support limit in the $72,000-$73,000 range.
From a technical perspective, the relative strength index (RSI) dropped to around 33, which stands out as the lowest value in the last three months. The fact that the RSI value continues to remain below 50 shows that the sellers are in control of the market in the short term.
Mini glossary: The Relative Strength Index (RSI) is a technical analysis indicator that measures overbought or oversold levels of an asset based on recent price movements. 70 and above is considered overbought, 30 and below is considered oversold.
Risk management in the options market
Investors tended to reduce their risks by using the options market against fluctuations in the market. According to the latest figures from Glassnode, it was stated that approximately $10 million was spent on put options with a strike price of $70,000. Since the price of put options rises as the market declines, these instruments are widely used to offset possible downside movements.
Although there has been a slight decrease in hedge demand in recent days, the search for direction in the market continues. Especially the option concentration at $ 70,000 reveals that this level is a critical threshold for investors.
Analysts emphasize that the $74,500-75,500 region has now become a strong resistance position, and if it is broken, upward momentum can be achieved again. However, unless the price breaks this barrier, the focus is expected to remain at $71,500.
