Opinion: Bitcoin Futures Data Suggests Bears May Test the $60,000 Mark

Odaily News Bitcoin's price has formed a series of lower highs after facing repeated rejections at the $70,000 to $72,000 resistance zone, and has now broken below the intraday trendline, with short-term bears taking control.

The liquidation heatmap indicates a liquidity gap exists between the $66,000 and $60,500 range. This gap could create a magnetic pull, attracting the price to move through it quickly to trigger the stop-loss clusters below. Currently, there are still over $350 million in leveraged long positions around the $60,500 level. If a swift rebound above $68,000 cannot be achieved, the risk of Bitcoin's price revisiting the annual low of $59,800 increases. Trader Husky noted that Bitcoin's price has fallen below the $59,800 Volume Weighted Average Price (VWAP), indicating a weakening short-term market structure. Analyst EliZ stated that Bitcoin is currently consolidating within a descending channel near $66,500, and a break below this level could lead to a test of the support zone between $63,400 and $64,600. (Cointelegraph)