Bitcoin drops after $78K pop, but ‘value investor’ keeps ‘hoovering up cheap’ BTC

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BTC/USDT net positions heatmap. Source: Hyblock Hyblock added: “And shorts who were in profit, likely exited here at “breakeven” to prevent any loss. Hence “psychological” level.” Regarding the liquidations that occurred during the intra-day price move and how liquidity currently functions as a magnet for BTC price, Hyblock identified two clusters. “The brightest clusters (where a lot of potential liquidity lies) and where liquidity is building up the fastest and most recently (i.e., $75,675 to $75,700.)” BTC/USDT liquidation heatmap. Source: Hyblock Related: Bitcoin price lags bullish US tech stocks: Is there a silver lining?a Despite Bitcoin’s inability to hold above $78,000, Blockstream CEO Adam Back posted about a Bitcoin whale using a time-weighted average price (TWAP) method to “hoover” up 450 “cheap Bitcoins” per day for the last 8.5 eight and a half days. Bitfinex Bitcoin whale TWAP data. Source: Adam Back / X As shown in the chart below, the price action of the day represents the classic futures-led selloff where selling via derivatives is putting pressure on BTC price, but buyers in the spot market are absorbing a portion of the selling. This effectively softens the blows delivered by sellers and reinforces Bitcoin’s $74,000 support. Currently, orderbook depth data (2.5% to 5% depth) shows sellers present from $77,700, and the asks thicken from $78,000 to $80,000, suggesting Bitcoin will continue to encounter resistance in this price range. BTC/USDT spot and perps cumulative volume delta. Source: TRDR.io More on the subject

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