Bitcoin dip buyers place $500M in bids as $70K retest looms
Bitcoin is approaching a major support and liquidity zone near $70,000, where bid orders total more than $500 million. CoinGlass data shows about 6,235 BTC in buy liquidity between $72,000 and $70,000, with the largest cluster just above $70,000. Another smaller demand pocket sits near $68,505, while bids thin out below that level. Liquidation data shows roughly $2 billion in long positions vulnerable near $70,000, versus more than $5 billion in shorts around $78,000, raising the chance of a sharp rebound if price reaches the bid cluster. Technically, BTC has turned bearish after losing $74,800, forming lower highs and lower lows inside a descending channel. RSI has dropped to about 33, its lowest since late February, signaling weak momentum. Options traders also positioned for downside, spending nearly $10 million on $70,000 strike puts.
