Bitcoin is rising, but it is hitting a wall with strong selling pressure.
The situation continues to raise questions about whether the rally can continue or whether it will stall again. Recent data from CoinGlass shows that $BTC is currently crowded with whale sell orders just below the $70,000 level.
especially, $BTC The price is currently hovering around $68,700, up 2.65% from the past day.
Important points
- Bitcoin is approaching the $69,000 resistance level, and there is a thick selling whale wall between $68,000 and $69,000.
- $BTC It is currently up 2.65% and hovering around $68,700, but strong overhead supply is slowing its upward momentum.
- Major supports are at $67.2,000, $66.4,000, and $65.8,000, forming a cushion in case of price rejection.
- Despite approaching a potential buy zone. $BTC It is still above the realized price, indicating that the bottom has not yet been confirmed.
Bitcoin whale sells stack worth over $69,000
Looking at the order book, we see that short liquidity is concentrated between $68,800 and $69,600. The heaviest resistance lies just above $69,000, with large companies placing heavy sell orders.
This setup often acts as a short-term ceiling, slowing momentum as buyers struggle to push supply forward. Current price action suggests that Bitcoin is “gravitating” to this liquidity zone, a common pattern where the market gravitates toward areas with high amounts of pending orders.
On the downside, buyers are also active and layers of support are forming. A notable bidding zone is around $67,200, followed by stronger support around $66,400 and deeper accumulation around $65,800. These zones can act as a cushion in case the price fails to break above resistance and then falls.
$69,000 emerges as key battleground
Basically, the $69,000 level is currently forming as the most notable zone. If the bulls are able to absorb heavy selling pressure and break above this level, momentum traders could step in and trigger a rapid continuation move with liquidation.
However, a failure to break out can cause the price to fall toward a lower support zone, a phenomenon that traders often refer to as liquidity acquisition, leading to further rejection.
With strong resistance above and solid support below, Bitcoin is currently in an intense battle between buyers and sellers.
$BTC Near Opportunity Zone
Regardless of the next short-term move, other analysis suggests that Bitcoin may be approaching an easy-to-buy zone. Bitcoin is currently trading at around $68,774, which is still around 21% above its “realized price” (around $54,286).
This means that most investors are still making a profit. In past cycles, the true bottom typically came only after the price fell below this level. In other words, Bitcoin could still fall close to $54,000 before forming a true bottom and starting a strong recovery.
Overall, the market appears to be shaping up to be an opportunity for long-term buyers. Notably, current prices reflect a 45% decline from all-time highs.
