Bitcoin holds $74K after $78K peak as whale buys 450 BTC daily

Bitcoin traded near $74,000 after reaching an intraday high of $78,164. Blockstream CEO Adam Back posted time-weighted average price (TWAP) data showing an account executed roughly 450 BTC per day over the past eight and a half days.

Analysts at Hyblock described the market as entering a fourth week of consolidation with $74,000 acting as support and $78,000 to $80,000 capping gains. Hyblock’s analysis found that the $78,164 peak coincided with a price area where earlier long positions had been underwater and were likely closed at breakeven, while profitable short positions were likely covered at breakeven.

Hyblock identified two clusters where liquidity has been accumulating, singling out a concentrated band between $75,675 and $75,700 on its liquidation heatmap. The firm noted those points as areas where liquidity is building fastest and may attract price back toward them during intraday moves.

Trade and orderbook data showed patterns consistent with selling pressure through derivatives. Cumulative volume delta and spot versus perpetual flows indicated that spot-market buyers absorbed a portion of derivatives selling during the session, helping to hold the $74,000 level.

Adam Back posted a Bitfinex TWAP chart on X showing the steady purchases. The posted data indicate the buyer acquired about 450 BTC per day over the eight-and-a-half-day window, with the trades executed on spot venues.

Orderbook depth across 2.5% to 5% depth showed visible sell-side interest beginning near $77,700, with ask-side liquidity increasing between $78,000 and $80,000. That concentration of sell orders has so far limited upward moves above that range.

Market participants are monitoring orderflow, liquidation zones and orderbook depth for signals on where price may move next.