bullish

Bitcoin

Adam Back

Bitcoin’s (BTC) consolidation continued into a fourth week, with the price finding support at $74,000 and resistance in the $78,000 to $80,000 range.&nbsp;According to Hyblock analysts, the intra-day rally to $78,164 hit a pocket where “longs that had previously opened up (that are in a position) were underwater and likely exited here at breakeven.”&nbsp;
<img alt="Bitcoin drops after $78K pop, but ‘value investor’ keeps ‘hoovering up cheap’ BTC" height="1074" src="https://s3-images.ctmedia.io/media/content/pasted-image-1039.png" width="2048">
BTC/USDT net positions heatmap. Source: Hyblock
Hyblock <a href="https://x.com/hyblockcapital/status/2059321672910377172?s=20" rel="noopener noreferrer nofollow">added</a>:&nbsp;
“And shorts who were in profit, likely exited here at “breakeven” to prevent any loss. Hence “psychological” level.”&nbsp;
Regarding the <a href="https://cointelegraph.com/markets/bitcoin-liquidation-hunts-control-btc-at-77k-amid-new-iran-peace-deal-doubts" rel="noopener noreferrer nofollow">liquidations</a> that occurred during the intra-day price move and how liquidity currently functions as a magnet for BTC price, Hyblock <a href="https://x.com/hyblockcapital/status/2059327515223552040?s=20" rel="noopener noreferrer nofollow">identified</a> two clusters. “The brightest clusters (where a lot of potential liquidity lies) and where liquidity is building up the fastest and most recently (i.e., $75,675 to $75,700.)”&nbsp;
<img alt="Bitcoin drops after $78K pop, but ‘value investor’ keeps ‘hoovering up cheap’ BTC" height="1070" src="https://s3-images.ctmedia.io/media/content/pasted-image-151.jpeg" width="2048">
BTC/USDT liquidation heatmap. Source: Hyblock
Related: <a href="https://cointelegraph.com/markets/bitcoin-valuation-gap-with-us-tech-could-favor-btc-in-the-months-ahead-bitwise" rel="noopener noreferrer nofollow">Bitcoin price lags bullish US tech stocks: Is there a silver lining?</a>a
Despite Bitcoin’s inability to hold above $78,000, Blockstream CEO Adam Back <a href="https://x.com/adam3us/status/2059317138339307641?s=20" rel="noopener noreferrer nofollow">posted</a> about a Bitcoin whale using a time-weighted average price (TWAP) method to “hoover” up 450 “cheap Bitcoins” per day for the last 8.5 eight and a half days.&nbsp;
<img alt="Bitcoin drops after $78K pop, but ‘value investor’ keeps ‘hoovering up cheap’ BTC" height="522" src="https://s3-images.ctmedia.io/media/content/pasted-image-1040.png" width="852">
Bitfinex Bitcoin whale TWAP data. Source: Adam Back / X&nbsp;
As shown in the chart below, the price action of the day represents the classic futures-led selloff where selling via derivatives is putting pressure on BTC price, but buyers in the spot market are absorbing a portion of the selling. This effectively softens the blows delivered by sellers and reinforces Bitcoin’s $74,000 support.&nbsp;
Currently, orderbook depth data (2.5% to 5% depth) shows sellers present from $77,700, and the asks thicken from $78,000 to $80,000, suggesting Bitcoin will continue to encounter resistance in this price range.&nbsp;
<img alt="Bitcoin drops after $78K pop, but ‘value investor’ keeps ‘hoovering up cheap’ BTC" height="1161" src="https://s3-images.ctmedia.io/media/content/pasted-image-1041.png" width="1846">
BTC/USDT spot and perps cumulative volume delta. Source: TRDR.io

Bitcoin drops after $78K pop, but ‘value investor’ keeps ‘hoovering up cheap’ BTC

Cointelegraph

Other articles published on May 27, 2026

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