Bitcoin

when

Rekt

Bitcoin is seeing “wild” order book behavior as bulls attempt to stave off a fresh BTC price drop.
The latest data from monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">CoinGlass</a> shows a fresh support battleground forming near $63,000.
<h2 data-ct-non-breakable="true" id="bitcoin-traders-line-up-last-line-of-defense">Bitcoin traders line up last line of defense</h2>
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;set new local lows of $63,400 on Aug. 1, 5% beneath the prior day’s highs, per&nbsp;<a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a>.
Traders believe that while the price has recovered above the $64,000 mark, it is still due a rematch with those lows.
According to CoinGlass, support liquidity at $63,300 alone now totals nearly $100 million across exchange order books.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/e242464b-5fff-4bf1-aa0f-d59b56e6a4a6.png" alt="Will $100M BTC price support help Bitcoin avoid a drop to $61K?" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
 </figcaption>
</figure>
Analyzing the situation, popular trader Daan Crypto Trades suggested that the latest liquidity below the spot price could form part of a deliberate attempt to drive the market higher.
“That’s some wild action in the orderbooks on Binance futures,” he <a href="https://x.com/DaanCrypto/status/1818904082012078317" target="_blank" rel="noopener nofollow">commented</a> on X alongside a chart. 
<blockquote data-ct-non-breakable="true">
 “We saw a lot of orders valued at ~$300M get filled down at these levels. There's an additional ~$300M in orders put below price now, supposedly to try and drive it up. Interesting action.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/20297d38-375d-4791-a9e6-14f2a054f66a.png" alt="Will $100M BTC price support help Bitcoin avoid a drop to $61K?" title="">
 <figcaption style="text-align: center;">
 Binance Bitcoin futures order book data. Source: Daan Crypto Trades
 </figcaption>
</figure>
Previously, Cointelegraph reported on <a href="https://cointelegraph.com/news/bitcoin-traders-63k-sweep-fomc-btc-price-monthly-close">expectations for a sweep of range lows</a> on BTC/USD to take liquidity and fuel a return higher.
Updating X followers, fellow trader Mark Cullen appeared confident despite the latest downside.
“All going to plan, just waiting for Bitcoin to sweep the lows or put in a bottoming structure here around the 38.2 Fib level,” he <a href="https://x.com/mark_cullen/status/1818852458107490317" target="_blank" rel="noopener nofollow">wrote</a>. 
<blockquote data-ct-non-breakable="true">
 “Lose the level and fail to reclaim it quickly and we could see low 61ks once again.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/1dc6dc68-4df1-4aaa-964f-a311d7938b20.png" alt="Will $100M BTC price support help Bitcoin avoid a drop to $61K?" title="">
 <figcaption style="text-align: center;">
 BTC/USDT chart. Source: Mark Cullen
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="analyst-70-000-rejection-was-worst-btc-price-option">Analyst: $70,000 rejection was “worst” BTC price option</h2>
Bitcoin’s monthly close meanwhile continued a multimonth consolidation process.
Related: <a href="https://cointelegraph.com/news/us-national-debt-passes-35t-5-things-bitcoin-this-week">US national debt passes $35T — 5 Things to know in Bitcoin this week</a>
Coming in at around $64,600, the close sealed total BTC price gains of 2.95% for July, CoinGlass confirms.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/8d597965-80d2-4b24-97fd-b9589a4f1610.png" alt="Will $100M BTC price support help Bitcoin avoid a drop to $61K?" title="">
 <figcaption style="text-align: center;">
 BTC/USD monthly returns (screenshot). Source: CoinGlass
 </figcaption>
</figure>
Despite this, a series of lower highs on the daily chart remains problematic for some market participants, with Bitcoin sellers <a href="https://cointelegraph.com/news/btc-price-lower-highs-bitcoin-bears-control-70k">still firmly in control</a> at the old all-time highs of $69,000 and above.
“Bitcoin upside wicked into the low $70,000s (blue circle) and rejected from the top of the structure,” popular trader and analyst Rekt Capital <a href="https://x.com/rektcapital/status/1818757185478050081" target="_blank" rel="noopener nofollow">responded</a>, highlighting the series of lower highs.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/93e7f68d-b2e1-497a-9dc0-647e047fccdb.png" alt="Will $100M BTC price support help Bitcoin avoid a drop to $61K?" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Rekt Capital
 </figcaption>
</figure>
In a further X post, he <a href="https://x.com/rektcapital/status/1818759400716484679" target="_blank" rel="noopener nofollow">suggested</a> that history favored an upside breakout to eventually result for BTC/USD, with the $70,000 rejection the “worst” outcome within the consolidatory phase.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Will $100M BTC price support help Bitcoin avoid a drop to $61K?

Table of Contents

Cointelegraph

Other articles published on Aug 1, 2024

21Shares Ethereum ETF Integrates Chainlink System to Enhance Transparency

🎊CERRAM META cooperates with FBPay🎉

XRPL to Feature Tokenized US T-bills with $10M Ripple Boost, Eyes 600x XRP Growth

Brazil’s Fenasbac Chooses Ripple’s XRP Ledger for Fintech Innovation

California DMV Digitizes 42 Million Car Titles Using Blockchain

DOGE Community Excited Over X-TV App Launch News

Join our free newsletter for daily crypto updates!