Bitcoin rebound highlights discount but $162M bid liquidity points to downside risk
Bitcoin climbed toward $64,000, but futures activity stayed subdued, suggesting the rebound may be losing strength. Open interest fell from 282,000 BTC to 255,000 BTC during the selloff and remains well below last week’s peak, while funding turned only slightly positive, indicating limited leverage. Spot selling also eased, with spot CVD improving by 11,000 BTC since Friday. A major liquidity cluster sits below the market: about 2,565 BTC in bids are stacked between $57,000 and $59,000, worth roughly $162 million near current prices. That zone could act as support if price revisits it. Traders also note that recent upside may be driven partly by short covering rather than fresh long demand. Bitcoin is now trading between support below $60,000 and resistance near $64,000, with midweek price action seen as key.
