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Bitcoin continues to trade in a tight, choppy range around the $70k level, with recent price action punishing both long and short traders. Despite relatively modest spot moves, more than $250M in liquidations occurred across crypto over the past 24 hours, highlighting how leveraged positioning continues to dominate near-term market dynamics.
The current structure reflects a classic range-bound liquidation environment. BTC briefly pushed toward $71k, triggering large short liquidations, before reversing back toward the $68k area and forcing long liquidations. This type of two-sided sweep suggests that liquidity is being taken on both ends of the range, with market participants positioning aggressively but without strong directional follow-through.
Liquidity clusters remain stacked both above and below spot. Markets are watching the $66k–$68k region as a key downside liquidity pocket, while $72k–$74k holds notable upside liquidation interest. In these conditions, price can remain range-bound while repeatedly moving to capture leveraged liquidity, rather than trending cleanly in one direction. Bears are attempting to regain short-term control, but conviction from either side remains limited.
On-chain and order-book data also point to softer underlying demand. Large holders have continued distributing into strength, while fresh capital inflows have not expanded enough to fully absorb supply hitting exchanges. This weakening demand backdrop has reduced the market’s ability to sustain rallies, increasing the likelihood of continued consolidation or further support retests in the near term.
From a market-structure perspective, bitcoin appears to be grinding toward a retest of local support near the bottom of its range. With spot demand still muted and derivatives flows driving volatility, the market may continue to see sharp but short-lived moves as liquidity is cleared on both sides. Sustained direction will likely require a meaningful pickup in spot inflows or a clear shift in macro sentiment.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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