Bitcoin (BTC) traders are placing new buy orders around $70,000 as the price approaches a key liquidity zone. According to order-book data, over $500 million in liquidity has accumulated between $72,000 and $70,000, creating a demand zone that could determine BTC's next move. This is reported by Cointelegraph.com reports .
CoinGlass data shows that buyers anticipating a price drop have placed orders for 6,235 BTC in this range. At current prices, the total value of these orders is approximately $443 million. The largest cluster is located just above the $70,000 level, where buyers are prepared to absorb the current selling pressure.
According to the liquidation heatmap, approximately $2 billion in cumulative long positions are at risk around the $70,000 level. For comparison, there are over $5 billion in short positions around $78,000. If Bitcoin touches the $70,000 cluster, a large liquidity pool could trigger a sharp rally toward the liquidation zones above.
Bitcoin's daily trend turned bearish after losing the $74,800 support level. The Relative Strength Index (RSI) has fallen to approximately 33, the lowest level since February 24. Momentum remaining below the neutral 50 level indicates that sellers still control short-term price action.
According to Glassnode, the options market is also preparing for a move to $70,000. Traders spent nearly $10 million on put options with a strike price of $70,000 during the recent decline. Analysts believe the $74,500–$75,500 area now serves as a resistance zone.
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