Bitcoin is undergoing a critical technical test, trading near major support levels on both weekly and intraday charts. On the weekly timeframe, the BTC/USD pair is hovering around the 200-period exponential moving average (200EMA), a key long-term trend indicator, at approximately $66,316. Chart analyst Daan Crypto Trades highlighted this level, noting the price has pulled back from recent cycle highs and settled near this moving average, which has historically acted as a momentum shift zone during broader trend resets.
Simultaneously, on the 4-hour chart, Bitcoin is testing the low of its recent trading range near $65,040. A liquidation heatmap shared by analyst Columbus reveals dense clusters of liquidity both above and below the current price. Significant liquidity pockets are stacked between roughly $70,000 and $85,000 overhead, while another notable pocket is building below the current range low. This structure sets clear zones for the market's next directional move, framing the range low as a near-term inflection point.
The market context shows a transition from expansion to consolidation. Derivatives data indicates open interest has dropped toward $45 billion, signaling reduced speculative leverage and deleveraging across the market. Furthermore, spot flows show persistent outflows, suggesting distribution pressure currently outweighs accumulation momentum. The price action remains range-bound near $65,500 as traders assess whether the recent rebound from the $60,100 macro swing low marks stability or a pause before a further decline.
