Bitcoin Consolidates Between $65K and $70K as Analysts Anticipate Breakout
- Bitcoin (BTC) is trading in a tight range of $65,000 to $70,000, maintaining this structure for the past two weeks.
- A bullish divergence has been identified on the one-hour chart, indicating reduced short-term selling pressure.
- Aggregated open interest in Bitcoin futures has increased by 3% to $15.50 billion over the last two days.
- The funding rate for Bitcoin futures has risen to 0.046%, reflecting growing long positions among traders.
- Approximately $250 million in long liquidations have occurred since February, impacting positions below $67,000.
The current price compression may lead to a breakout attempt, with key liquidity clusters identified below $66,000 and above $71,000 that could influence the next price movement.
As Bitcoin remains within this critical range, analysts are monitoring for a sustained break above $68,000 to confirm upward momentum toward resistance levels above $71,500. (Source)
