Bitcoin is showing signs of a potential relief rally to $71,000, driven by a rare bid-ask imbalance near $66,000. Data from Hyblock indicates a strong buying pressure, with the bid-side skew ranking in the 99th percentile across multiple orderbook depths. This suggests a short-term bottom for Bitcoin, which rebounded to the $67,000–$68,000 range after the imbalance was observed.
The technical setup is further supported by a bullish break of structure on the four-hour chart, with a critical level to maintain above $66,700 for the rally to remain intact. Additionally, over $1.6 billion in short leveraged positions are at risk of liquidation near $71,000, highlighting a significant upside target. However, historical patterns show potential resistance, as Mondays have typically seen early highs followed by selling pressure.
Bitcoin Poised for Potential Rally to $71K Amid Bid-Ask Imbalance
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.
