Bitcoin range holds near $74K as $78K selloff hits; Bitfinex whale buys lows
Bitcoin price remains rangebound for a fourth week after a pop above $78,000 faded. Bears defended the $77,000 area, while bulls kept support close to $74,000. Hyblock analysts said the intra-day rally to about $78,164 likely triggered exits: longs that were underwater and shorts that were in profit may have covered near breakeven, reinforced by “psychological” liquidity levels.
Hyblock also highlighted liquidation/liquidity clustering, with the fastest-building liquidity recently seen around $75,675–$75,700. The article frames the move as futures-led selling: derivatives pressure BTC, while spot buyers absorb part of the sell flow, helping soften downside and defend the $74,000 support.
Order book depth data (2.5%–5% depth) shows sellers appear around $77,700, while asks thicken from $78,000 to $80,000, implying resistance ahead. Separately, Adam Back (Blockstream CEO) posted TWAP data showing a Bitfinex whale buying via a time-weighted average price at roughly 450 “cheap Bitcoins” per day for about 8.5 days, supporting the view that spot demand is present during dips.
Key levels traders may watch: support near $74,000, liquidity/possible magnet around $75,675–$75,700, and resistance in the $78,000–$80,000 zone.
Neutral
Bitcoin is seeing both bearish and offsetting bullish signals, so the net impact looks neutral. On the bearish side, the article describes classic futures-led selling: derivatives pressure BTC while price fails to hold above $78,000. Liquidity/resistance conditions also point to overhead supply, with asks thickening from $78,000 to $80,000, which can cap upside and keep BTC range-bound.
However, the bullish offset is spot absorption and whale buying. Hyblock’s analysis suggests that liquidity clusters and breakeven exits may limit downside after liquidation moves, while order-flow in the background keeps support around $74,000. The Bitfinex whale TWAP buying (roughly 450 BTC/day for ~8.5 days) signals persistent spot demand during dips—similar to past episodes where large TWAP/accumulation activity coincided with “buy-the-dip” behavior after derivative-driven selloffs.
Short-term, traders may expect continued chop between ~$74K support and the ~$78K–$80K resistance zone, with spikes around liquidation/liquidity magnets like ~$75.7K. Longer-term, if whale accumulation continues and derivatives selling pressure fades, the range could eventually break upward; if it doesn’t, the market may remain capped and mean-revert around the established support.