Bitcoin briefly touched $77,400 as bulls attempt to solidify a new support zone between $77,000 and $80,000. However, orderbook data from TRDR shows over $130 million in sell orders between $76,700 and $79,300, indicating significant profit-taking pressure. Technical analysis suggests bulls need sustained volume to overcome this selling and successfully convert the $80,000 level into support.
Bitcoin traders pushed the price to $77,400, but data suggests profit-taking may thwart the bull’s goal of turning the $77,000 to $80,000 zone into support. Orderbook data from TRDR shows over $130 million in asks extending from $76,700 to $79,300.
Given Bitcoin’s negative futures funding rate and a small negative long-short delta, bulls have a slight edge in the short-term. The situation could shift further in their favor if the BTC price pushes into short liquidity starting at $76,800, where short positions face a significantly higher risk of forced closure according to data from Hyblock.
From a technical analysis perspective, the current price action saw Bitcoin lock in $75,000 as support. It also traded back above the 20-day moving average after falling below it earlier in the week.
In the short-term, the most desirable outcome for bulls would be a rally through the channel trendline resistance at $79,000. This would need to be followed by another support-resistance flip to confirm $80,000 as support.
Beyond the expected profit-taking kicking in at $77,000, a volume spike is the missing ingredient to absorb the selling. Data from TRDR shows the bulk of BTC’s intraday moves stem from liquidations and the absence of sustained spot volume and long leverage, resulting in rallies that lack duration.
