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Bitcoin dip buyers are present near range lows, and new leveraged longs opened in the zone but the volumes lack the size needed to reverse the downtrend.
Key facts
BTC’s subsequent fall to $72,500 raised concerns that the price would slip back into the $60,000 to $70,000 range that BTC was locked in during February through April, but Cointelegraph's reporting
Open interest heatmap data, on the other hand, does show nearly $300 million of open interest concentrated in the yellow band representing $73,000 to $74,000, where traders appear to have opened new
Bitcoin ETF selling overwhelmed markets again after last week’s $1.42 billion outflow followed the previous week’s $1.26 billion outflow
The indicator ranges from -1 to +1, with values above zero indicating an increasing imbalance in the orderbook structure
Summary
Bitcoin ETF selling overwhelmed markets again after last week’s $1.42 billion outflow followed the previous week’s $1.26 billion outflow. BTC’s subsequent fall to $72,500 raised concerns that the price would slip back into the $60,000 to $70,000 range that BTC was locked in during February through April, but Cointelegraph's reporting showed spot volumes kicking in to defend the $70,000 support. Given the sizeable ETF selling, BTC inflows to Coinbase and futures market liquidations, the spot CVD data above suggests these dip buyers are not dominant. Bitcoin exchange inflows, Coinbase.