Bitcoin (BTC) traders have placed up-to-date buy orders near $70,000 as the price approaches a key liquidity zone. Order book data shows that bid liquidity is over $500 million in the $72,000 to $70,000 range, creating a demand zone that could shape BTC’s next move.

BTC buy offers form a key support zone

Data from CoinGlass shows that dip buyers placed 6,235 BTC in bid liquidity ranging from $72,000 to $70,000. At current prices, the purchase orders are worth approximately $443 million.

The largest cluster is immediately above $70,000, where buyers are able to absorb the current selling pressure. Liquidity bids refer to limit buy orders pending below the market price. When the price moves on these orders, it can sluggish the decline and trigger a acute rebound if demand consumes the available BTC supply.

BTC/USD, one-day chart, buy liquidity analysis. Source: Velo chart

Below $70,000, the next significant portion of demand is $68,505, where investors placed another 1,012 BTC worth approximately $69 million. Beyond this level, the order backlog shrinks significantly, with few evident offers below $68,500.

Meanwhile, liquidation heat map data shows total risky long positions of about $2 billion amount to nearly $70,000, compared with more than $5 billion in compact positions of about $78,000. Once BTC touches the bid group near $70,000, the larger liquidity pool could trigger a acute rebound towards general liquidation zones.

BTC liquidation map. Source: CoinGlass

Related: Bitcoin Drops Out of World’s 10 Largest Assets as Market Cap Drops Below $1,500 dollars

RSI hits three-month low as BTC daily trend turns bearish

Bitcoin’s daily trend turned bearish after losing support at $74,800, confirming the pattern of lower highs and lower lows. The price is moving in a descending channel and is currently testing support near the lower border around $72,000-$73,000.

The relative strength index (RSI) fell to around 33, its lowest level since February 24. Momentum has remained below the neutral 50 level throughout the recent decline, suggesting that sellers remain in control of near-term price action.

BTC/USD, one-day chart. Source: Cointelegraph/TradingView

Cryptocurrency trader Ardi scratched similar view. The analyst said the $74,500-$75,500 region is currently acting as resistance on multiple time frames. A rejection from this area could focus attention on the $71,500 region, while a break through the channel resistance near $76,000 could challenge the continued downtrend.

Options markets show that investors were also preparing for a move towards $70,000. According to Glass knotinvestors spent nearly $10 million on puts, and during the recent decline they traded at $70,000.

Put options boost in value when prices fall, making them a common hedge against the risk of loss. Recent flows indicate some easing in demand for protection as investors lock in profits, although the concentration of hedging activity shows how closely the market is watching the $70,000 level.

BTC Options Market Analysis at $70,000. Source: Glassnode/X

Related: Major Bitcoin Holders Pause Purchases as Demand Slumps: CryptoQuant