Bitcoin is hovering near key liquidity zones after a week of downward momentum, and traders are now looking at untapped areas around $64,000. With price action showing potential short-term swings and first-half support closely watched, the next move could depend on whether Bitcoin tests this low or regains higher levels first.
Weekend reach sets the stage for next week’s moves
After a week of downward momentum, Bitcoin has entered a wrench liquidity area. According to Lennaert Snyder, the market is currently forming a range, which could provide clear trading opportunities in the coming week. Although weekend trading is not his focus, observing the price action now helps plan next week’s approach.
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Liquidity is concentrated around $71,422, and the reaction to a retest in this zone will be important. Testing the range high could trigger short positions if the bearish market falls structure break (MSB) holds, or offers long odds if Bitcoin successfully reclaims the area.
On the downside, the low of $64,500 and any liquidity below it remains largely untouched, making this a critical zone to watch. When the market reaches these levels, traders will be looking for either high-probability reversals for long entries or follow-on shorts if support fails.
The interplay between the high at ~$71,422 and the lows around $64,500 will likely dictate the next major swings, providing strategic opportunities for those following both sides of the market.
Bitcoin sees a short-term breakout before a possible pullback
BTC is showing short-term activity that suggests a small increase before resuming lower moves. Crypto Analyst Scientific marked that the first-half support/resistance level of $68,000, which was rejected two days ago, has now been breached and reversed, signaling a shift in short-term momentum.
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From the current setup, a new bearish channel is starting to form. As part of this structure, Bitcoin will likely wipe out liquidity in the short term before falling further. Observing these smaller intraday movements can give traders clues as to how the market plans to reach the next major zones.
Key levels to watch include the premium zone at $72,200 and the untapped stacked liquidity above that, which is between $73,000 and $74,000. These areas could be attractive buyers temporary, creating a small push towards the $73,000 region before resuming the broader downtrend. Traders should closely monitor price behavior as they approach these levels.
On the other hand, the first-half support at $68,000 remains crucial. A clean break below this zone could accelerate the decline earlier than expected, confirming the situation bearish channel. Maintaining awareness of both the near-term upside and this key support will help identify high-probability setups in the immediate time frame.
Featured image from Getty Images, chart from Tradingview.com