Bitcoin hovers near $77,700 as analysts eye $75,000 support after liquidation wave
Bitcoin trades near $77,700 after a liquidation wave pushed prices to a low of $76,685, with analysts eyeing $75,000 as key support and open interest remaining stable.
Bitcoin traded near $77,700 by midday Hong Kong time, little changed over the past 24 hours, after sliding as low as $76,685 and failing to hold above $78,000 during U.S. trading hours.
The recent selloff appears to have been more of a leverage flush than the start of a broader market breakdown. Open interest, a measure of outstanding leveraged futures positions, held relatively steady while funding rates stayed low or negative, indicating that traders were not aggressively piling into bullish bets before the drop. This suggests that the liquidation wave was driven by overleveraged positions rather than a fundamental shift in sentiment. For crypto traders, the stability of open interest and low funding rates imply that the market may not be entering a prolonged downtrend, but the $75,000 level remains a critical support to watch. Check NowPrice's crypto page for real-time Bitcoin pricing and open interest data.
Looking ahead, traders will monitor whether Bitcoin can reclaim the $78,000 level in the coming sessions. A break below $75,000 could trigger further downside, while sustained buying above $77,000 may signal consolidation. Key data releases and macroeconomic factors, such as U.S. interest rate expectations, could also influence risk appetite in the crypto market.