BTC traded in a narrow range between $75,000 and $73,000 for about three hours at the New York market open on Thursday. The sharp decline contributed to futures position liquidations totaling $283M.
After that, a short squeeze pushed BTC back to $75,000, but sustaining gains typically depends on consistent spot demand.
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Bitcoin Bounces Back on Weak Spot Demand
A fast selloff from $75,400 to $73,200 triggered long position liquidations of about $166M, according to analyst CryptoReviewing. The price then reversed quickly, returning to $75,000 and liquidating about $117M in short positions, consistent with a two-sided squeeze within a single trading period.
The rebound coincided with spikes in liquidations that forced leveraged positions to close. Funding rates shifted positive after the bounce and reached +0.0005, suggesting shorts were building exposure ahead of the move and then getting squeezed.
BTC Price, Spot and Futures CVD, Funding Rate. Source: velo.chart
This pattern points to upward pressure coming mainly from short position closures rather than fresh long openings.
After passing nearby liquidity zones, price returned toward the middle of the current session’s range. At the same time, spot cumulative volume delta (CVD)—which tracks the net balance of buys versus sells—continued to fall even as price rose, indicating muted participation from spot buyers while $74,000 held.
Moving above $76,000 likely requires stronger spot demand to keep pace with derivatives activity and support further upside.
Bitcoin Liquidity Map Shows Key Reversal Points
Bitcoin has been moving between liquidity cluster zones, with price repeatedly gravitating toward key levels. According to analyst KriptoHolder, the $76,000–$78,000 area includes a supply zone with short liquidity of $2.81B, while $74,000 functions as an equilibrium point.
Below $72,000, long liquidity of roughly $2.5B sits lower; if the upper zone cannot be reclaimed, that lower liquidity can attract price.
Bitcoin Liquidation Map. Source: CoinGlass
In parallel, the behavior of short-term traders suggests a recurring intraday setup. Trader Killa highlighted that in 8 of the last 11 Thursdays, price has fallen more often than it has risen.
This week’s Thursday session has already shown a drop of nearly 2% from the daily open, which aligns with the observed pattern and can increase opportunities for intraday trading.
BTC Returns on Thursdays, Killa’s Analysis. Source: X
The Market Is Squeezed Between Liquidity and Weak Demand
The current setup resembles a range battle: large liquidity pools are positioned above and can pull price upward, while the spot market still lacks sufficient support to sustain higher levels. This can produce an unstable structure where upward moves run into profit-taking, and selloffs draw price back toward lower liquidity zones.
Derivatives positioning adds further pressure. After the prior squeeze, many positions were already removed, so continuation depends on whether fresh liquidity flow appears. So far, spot volumes look subdued, meaning price action may remain more dependent on futures dynamics, leading to sharper intraday swings that can liquidate positions on both sides.
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It is also useful to consider how intraday behavior can amplify volatility, particularly around the start of the US session. If buyers do not step in near current prices, the market could retest lower liquidity zones; if they do, a breakout above the $76,000 range may open room for gains toward areas with heavier short volume.
At this point, the key question is not only where price goes, but what is driving it. Without real demand, upside impulses may remain temporary.
