Buy Orders Top $500M as Bitcoin Eyes $70,000 Retest

Order-book data from CoinGlass shows more than $500 million in buy orders between $72,000 and $70,000 as Bitcoin approaches a retest of the $70,000 level. CoinGlass records 6,235 BTC in bids in that range, equal to roughly $443 million at current prices. The largest cluster sits just above $70,000, where limit buy orders are concentrated to absorb selling pressure.

Below $70,000, another demand pocket appears at $68,505 with about 1,012 BTC, roughly $69 million. The order book thins noticeably under $68,500, with few visible bids beyond that level.

A liquidation heatmap shows about $2 billion of long positions at risk near $70,000 and more than $5 billion of short positions clustered around $78,000. Market participants note that if price trades into the bid cluster near $70,000, those liquidation levels could come into play as positions are closed.

Technical indicators show Bitcoin’s daily trend turned bearish after losing support at $74,800. The price is trading inside a descending channel and is testing support near the channel’s lower boundary around $72,000–$73,000. The relative strength index has fallen to about 33, its lowest level since Feb. 24, and momentum indicators remain below neutral readings.

Options data from Glassnode indicates nearly $10 million was spent on put options with a $70,000 strike during the recent dip. Recent flows show some easing in that protection demand as traders have locked in profits.

Analyst Ardi outlined resistance in the $74,500–$75,500 area and warned: “a rejection from that area could keep focus on the $71,500 region, while a move through channel resistance near $76,000 may challenge the ongoing downtrend.”

Limit buy orders and concentrated hedging around round-number levels have been observed across recent sessions. Market participants continue to watch whether the order book will absorb selling near $70,000 or whether price will move through the demand zones.