Bitcoin has been oscillating between $65,000 and $70,000 for two weeks, but this apparent calm may be nothing more than a pause before dynamic movement. The market is consolidating within a narrow range, volumes are weakening, and liquidity is concentrating both above and below the current price. These very areas will likely determine the next direction.
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Technical Structure Suggests Accumulation
The current development doesn’t look like random treading water, but rather a controlled preparation for expanded volatility. On the hourly chart, a structure is emerging that resembles a descending channel, similar to the one that preceded the recent rally back to $70,000.
Within this formation, a bullish divergence appears on the RSI – price is making lower lows while the indicator shows rising values. This signals weakening selling pressure. If bitcoin stabilizes above $68,000, it could quickly test liquidity above $71,500. Conversely, a drop below $66,000 would open the door for a return to stronger support in the $62,000 to $60,000 range.
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Binance and the Regrouping of Forces on the Futures Market
According to data from Binance Futures, aggregate open interest rose by approximately 3%, despite a slight price decline. The funding rate around 0.046% shows that some speculators are increasing long positions again, particularly in the $66,000 range.
At the same time, long positions worth roughly $250 million were liquidated below the $67,000 level, removing excess leverage from the market. Such “cleansing” often creates a more stable foundation for the next trend. Bitcoin is now moving between two strong liquidity zones below $66,000 and above $71,000, awaiting an impulse that will determine its next direction.
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