$BTC Liquidations Are stacking just below $70k in bulk and we can see that it extends till almost $67k.
Although seeing only Liquidations goes way out of context because at the same time you must see how funding, open interest and everything is doing before you form a thesis.
Similarly on Coinglass, we can see there is a bit chunk of liquidation just above the double tap area of $74k.
Price failed to break that and this gets concerning.
Funding gets negative again after a little rejection from the highs, OI nukes, Coinbase still little bit positive.
All of this tells us that the selling pressure inside this region from $71k to $74k is heavy. But spot is trying to hold here so far.
This means if we are able to hold at this place, and break $74k a massive short squeeze can send us even higher than $80k I suppose.
$70k or I should say $69k support is what I am looking for as price took support multiple times. $69k breaks we tag $67k and $65k very very quickly.
So be ready for both scenarios.
