Price Analysis View Non-AMP

Massive Liquidation Detected: Is Bitcoin Heading Toward a Historical Bull Trap?

Published by
Sahana Vibhute

As the trade approaches the weekend, the rally is turning in favour of the bears as the star token experienced huge selling pressure. The price, which was about to surpass one of the important resistances at $71,500, slashed hard close to the key support zone between $68,096 and $68,581. While the market participants speculate for a strong rebound to regain the lost levels, the trade setup suggests the BTC price could head towards lower levels below the support zone. 

Presently, the total open interest in Bitcoin is still hovering around $20 billion. These levels are similar to that of the previous cycle when it topped, which suggests the price is around the same level. Therefore, if the price breaks higher, then the open interest may also go higher. This scenario remains open as the token continues to hold above the crucial support zone as the traders have acquired a huge amount of Bitcoin at a certain range. 

A popular analyst, ALI, shared some interesting information about 1.97 million addresses acquiring nearly 964,000 BTC, which is anchored between the support levels between $69,380 and $67,350. Therefore, the analyst suggests that Bitcoin is required to hold and sustain at these levels to trigger strong upward momentum. Regardless of the mounting bearish pressures, the price continues to remain within an ascending parallel channel, substantiating the bullish claim. 

The Bollinger bands are squeezing, while the DMI has also started contracting, which suggests the price is experiencing a major volatility squeeze. This could result in a huge price action, while the direction could be highly dependent on the volume induced. The current trade set-up suggests that the bears have gained huge momentum due to the possibility of a bearish pullback. 

Therefore, the Bitcoin price, which is trying to find a base in the average range of the bands, may enter the key support zone and if bulls fail to display their strength, a steep plunge to $66,800 may be imminent. 

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Recent Posts

What XRP Users Are Talking About This Week: Latest Rumors, Predictions & Debates

The XRP community is as fiery as ever, with price debates, predictions, and arguments lighting…

June 24, 2025

Nasdaq-Listed Nano Labs Plans to Buy $1B in BNB — Aiming for 10% Supply Takeover!

China-based Web3 firm Nano Labs is making a daring move by targeting Binance Coin (BNB).…

June 24, 2025

Bitcoin Price Holds Strong at $105K: Short Squeeze Ahead?

Bitcoin’s price held $105k in support on Tuesday, with reduced geopolitical tensions in the Middle…

June 24, 2025

Can Shiba Inu (SHIB) Price Hit $0.00003 Level!

The Shiba Inu community has been watching SHIB’s price move up and down recently, mainly…

June 24, 2025

Polymarket Nears $200M Funding Round, Valuation to Hit $1B

Decentralized prediction platform Polymarket is reportedly on the verge of closing a $200 million funding…

June 24, 2025

Can This Cheap Crypto Token Hit $1 Before Cardano (ADA)? $11.1M Raised Quickly Has Holders Excited

Mutuum Finance (MUTM) is igniting fervor in the crypto market, surging through Phase 5 of…

June 24, 2025