Bitcoin (BTC) consolidation continued for a fourth week, with price support at $74,000 and resistance between $78,000 and $80,000. According to Hyblock analysts, the intraday rise to $78,164 hit a pocket where “longs that had previously opened (being in position) were underwater and likely broke even at this point.”

BTC/USDT net position heatmap. source: Hyblock

Hyblok in addition: :

“And the shorts that were profitable probably broke out at ‘break-even’ here to prevent losses. Hence the ‘psychological’ level.”

With regard liquidations what took place during intraday price movements and how liquidity is currently acting as a magnet for the price of BTC, Hyblock identified two clusters. “The brightest clusters (where there is a lot of potential liquidity hiding) and where liquidity is growing the fastest and most recently (i.e. $75,675 to $75,700).”

BTC/USDT liquidation heat map. source: Hyblock

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Despite Bitcoin’s inability to stay above $78,000, Blockstream CEO Adam Back sent about the Bitcoin whale using the time-weighted average price (TWAP) method to “vacuum” 450 “cheap Bitcoins” per day for the last 8.5 eight and a half days.

Bitfinex Bitcoin Whale TWAP Data. Source: Adam Back / X

As shown in the chart below, today’s price action represents a classic futures-led sell-off, where derivative sales put pressure on the BTC price, but spot buyers absorb some of the selling. This effectively softens the blow from sellers and strengthens Bitcoin’s $74,000 support.

Currently, order book depth data (2.5% to 5% depth) shows that sellers are present at $77,700 and inquiry volume is increasing from $78,000 to $80,000, suggesting that Bitcoin will continue to face resistance at this price point.

BTC/USDT spot and cumulative volume delta perps. Source: TRDR.io