Bitcoin (BTC) is seeing “wild” order book action as bulls attempt to prevent further declines in the BTC price.
According to the latest data from monitoring resource CoinGlass, a new support battleground is forming near $63,000.
Bitcoin traders build the last line of defense
According to Cointelegraph Markets Pro and TradingView, Bitcoin hit a new domestic low of $63,400 on August 1, 5% lower than its previous day’s high.
Even after recovering the $64,000 level, traders believe the price will still face that low again.
According to CoinGlass, the $63,300 supported liquidity alone currently amounts to nearly $100 million across exchange order books.
Analyzing the situation, popular trader Daan Crypto Trades suggested that the recent liquidity below the spot price could be part of a deliberate attempt to drive the market higher.
He commented on the X next to the chart, saying, “There’s been a ton of movement in the Binance futures order book.”
“We’ve seen a lot of ~$300M worth of orders get filled at this level. There’s an additional ~$300M worth of orders below current prices, probably looking to push prices up. Interesting behavior.”
Cointelegraph previously reported that BTC/USD is expected to break out of its range-bound lows, which could provide liquidity and push yields higher.
Trader Mark Cullen, who updated his followers with X, expressed confidence despite the recent downturn.
“Everything is going according to plan, we are just waiting for Bitcoin to either sweep the lows or form a bottom at the 38.2 Fibonacci level,” he wrote.
“If we lose that level and don’t recover quickly, we could see lows below 61k again.”
Analyst: $70,000 Rejection Was ‘Worst’ BTC Price Option
Bitcoin’s monthly closing price continued a consolidation process that has lasted for months.
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According to CoinGlass, the total BTC price in July was around $64,600, up 2.95%.
Despite this, a series of lower highs on the daily chart still remains a problem for some market participants, with Bitcoin sellers still holding a firm lead over the previous high above $69,000.
Popular trader and analyst Rekt Capital responded by highlighting a series of downtrend highs, saying, “Bitcoin made a run to the low $70,000 range (blue circle) but was rejected at the top of the structure.”
In another X post, he suggested that history ultimately favors a bullish breakout for BTC/USD, and that a rejection of $70,000 would be the “worst” outcome during the consolidation phase.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.