After several weeks of sustained growth, Bitcoin is currently trading above $66,000. The price recently encountered resistance at the key $69,000 level, which will take time and significant liquidity to overcome.

Key data from Binance shows that more than half of futures traders have short-sold BTC in the last few hours, creating a divisive environment for price action.

The futures market often serves as a barometer of momentum and liquidity, signaling potential changes in Bitcoin’s price movement. As BTC consolidates just below the resistance at $69,000, maintaining support above $66,000, the coming days will be crucial.

Investors and analysts are closely watching whether Bitcoin will break to recent all-time highs or if the accumulation period will continue. The result could set the tone for the next phase of the market.

Future Bitcoin Investors Remain Bearish (For Now)

Bitcoin is currently in a consolidation phase after weeks of impressive price growth. Despite this pause, analysts and investors remain hopeful about Bitcoin’s price trajectory in the coming weeks, with many believing that BTC will begin a massive rally after breaking through its all-time highs. However, this breakout may take some time as key data from Binance indicates bearish sentiment among futures traders.

Top analyst and investor Ali Martinez shared the 4-hour long and low ratio on Binancewhich shows that 53.71% of futures traders trade BTC. This bearish position suggests indecision in the market as investors remain uncertain about when Bitcoin will break above the critical $69,000 level. The continuing shorting trend may be a short-lived headwind for Bitcoin’s momentum.

However, the outlook could change quickly as spot traders may take advantage of the current decline and start buying Bitcoin. Increased spot purchases could provide the liquidity needed to push BTC higher, reversing bearish sentiment in the futures market.

If buying pressure intensifies, Bitcoin could soon challenge and break the resistance at $69,000, potentially paving the way to a recent all-time high. In the low term, investors are closely watching whether Bitcoin will consolidate further or gain enough momentum to continue its upward trend.

BTC tests key liquidity levels

Bitcoin is trading at $66,800 after being rejected from the $69,000 supply level. Despite the pullback, BTC remains forceful, holding above the $66,000 level. This price level is critical as it will likely determine Bitcoin’s direction in the coming days.

If BTC fails to stay above $66,000, the price may seek liquidity at lower levels, with $64,000 being the next target. This level coincides with the 200 4-hour moving average (MA) and the exponential moving average (EMA), making it a key area of ​​interest for buyers and sellers.

On the other hand, if Bitcoin maintains its position above $66,000, the next likely move will be a re-challenge of the $69,000 resistance or a potential move towards $70,000.

The coming days will be crucial in deciding whether BTC will resume its upward momentum or face further consolidation around these key levels. Traders and investors are closely watching how Bitcoin reacts to support at $66,000, which could set the stage for its next huge move.

Featured image from Dall-E, chart from TradingView