Bitcoin traders have established a significant buy wall worth over $500 million between $72,000 and $70,000, creating a potential support zone. Order-book data shows more than 6,235 BTC in bid liquidity near this level, which could absorb selling pressure. Meanwhile, technical indicators show Bitcoin’s daily trend has turned bearish, with the Relative Strength Index hitting a three-month low and the price trading within a descending channel.
Bitcoin traders have placed new buy orders worth over $500 million near $70,000 as the price approaches a key liquidity zone. Data from CoinGlass shows dip buyers have positioned 6,235 BTC in bid liquidity between $72,000 and $70,000.
The largest cluster sits directly above $70,000, where buyers are positioned to absorb current selling pressure. Below $70,000, the next notable pocket of demand is at $68,505, where traders have placed another 1,012 BTC.
Liquidation heatmap data shows about $2 billion in cumulative long positions at risk near $70,000. A larger liquidity pool of over $5 billion in short positions sits around $78,000, which may trigger a rebound toward overhead zones once the lower bids are tapped.
Bitcoin’s daily trend turned bearish after losing support at $74,800, confirming a pattern of lower highs and lower lows. The Relative Strength Index has fallen to roughly 33, its lowest level since February 24.
Crypto trader Ardi outlined a similar view. The analyst stated “the $74,500–$75,500 region now acts as resistance across multiple time frames.”
Options markets show investors have also been preparing for a move toward $70,000. According to Glassnode, traders spent nearly $10 million on put options with a $70,000 strike during the recent dip.
