Bitcoin Nears $64K as $162M Bids Cluster Below $60K

Bitcoin rallied toward $64,000 on Monday, with order book data showing roughly $162 million in limit buy orders clustered between $57,000 and $59,000, equal to about 2,565 BTC. Futures open interest fell to about 255,000 BTC and the funding rate moved slightly positive to 0.0013.

Open interest declined from near 282,000 BTC during last week’s selloff. The aggregated spot cumulative volume delta improved by about 11,000 BTC since last Friday, reflecting more aggressive buy-side volume relative to sell-side volume over recent sessions.

Order book data shows the bid cluster sits below the market; those limit buy orders are positioned to execute if the price reaches the $57,000–$59,000 range. Binance’s spot order book displayed a similar concentration of buy-side liquidity below $60,000.

Futures market activity cooled as measured by lower open interest. The funding rate briefly turned negative during the drop and returned to +0.0013 during the rebound.

Trader Max Trades observed that open interest cooled noticeably during the bounce and funding flipped slightly positive, noting some short positions were closed rather than a large influx of new long positions. Joao Wedson, chief executive of Alphractal, described the market as exiting an “extreme leverage” phase and moving into more moderate leverage territory after last week’s liquidations, while adding that the market has not reached past levels associated with deeper deleveraging.

Trader LP NXT highlighted a six-week pattern in which Monday pivot highs and lows have tended to reverse by Wednesday; the streak currently stands at six-for-six, and traders are focusing on midweek price action as Bitcoin trades between bids below $60,000 and resistance near $64,000.

Market participants are monitoring funding rates, open interest and order book depth for signs of follow-through in either direction.