- Bitcoin has been held in a tight range around $63,000 with buyers holding up $62,800, and sellers holding back advances above $63,100.
- Pressure on leverage has eased a bit in the derivatives market since the May and June highs, due to a decline in liquidation activity.
- A breakout above $63,100 could shift momentum, while losing $62,800 would expose the market to deeper weakness.
Bitcoin remains locked near $63,000 as buyers defend support, while tightening price action and reduced liquidations shape the market’s next directional move.
Bullish Targets Face a Technical Test
In the latest post, Shahnawaz has forecasted massive gains in the Bitcoin, Ethereum, Solana, and Altcoin spaces. He thinks that Bitcoin is going to reach $250,000 in 6-12 months. He also thinks the price of Ethereum will be more than $8,000 and Solana will be more than $500 in the same period.
A long time frame chart along with repeated Climax and troughs. A prior crest was around $69,000 followed by a drop to about $17,000. This was a pullback of about 52% from the previous cycle’s peak.
The recovery of $17,000 eventually led to another move towards the $69,000 area. Price then broke above and made a move to the vicinity of $126,000. Afterward, the market developed a contracting triangular structure beneath that level.
The chart projects a potential continuation toward $300,000 after the structure breaks upward. That projection represents roughly 150% upside from the $126,000 reference area. However, the projected target remains dependent on sustained momentum above resistance.
$62,800 Support Meets $63,100 Resistance
The asset is valued at nearly $62,963.62, up by 0.23% since the previous day. Market cap is just about $1.26 trillion and volume is about $16.48 billion. These numbers come at the head of a small trading zone within a $63,000 psychological range.
The session began with weakness near $62,770 before buyers entered around lower levels. Price subsequently recovered above $63,000 and briefly reached approximately $63,100. However, sellers repeatedly emerged near that upper boundary, limiting further intraday progress.
The $62,800 area has, on the other hand, a few bids in the past as the price has dropped. Price is recently down to $62,850 from where it has risen back to in the range of $62,960. That rebound indicates buyers continue defending the lower portion of the range.
A decisive move above $63,100 would provide clearer evidence of renewed upside momentum. Conversely, losing $62,800 would weaken the current short-term structure considerably. Until either level breaks, the chart continues to favor consolidation between established boundaries.
Liquidations Reveal Changing Leverage Conditions
The perpetual liquidation chart shows repeated leverage resets across the market since February. Green bars represent long liquidations, while red bars represent liquidated short positions. Most recent bars remain smaller than the largest liquidation events earlier this year.
The largest long liquidation spike appeared around late May near $800 million. That surge reflected forced closures during a sharp downward movement. A large short liquidation spike followed, showing rapid changes in market positioning.
Another cluster emerged around late June as leveraged long positions faced renewed pressure. However, recent liquidation activity has remained comparatively subdued alongside sideways price action. That pattern suggests leverage has been cleared without triggering another prolonged liquidation cascade.
Exchange data also shows substantial derivatives participation across several major trading venues. CME holds approximately $9.58 billion in open interest, followed by Binance near $7.18 billion. Gate accounts for roughly $4.81 billion, while several other exchanges retain sizable positions.
Binance leads reported trading volume near $6.33 billion, followed by Coinbase around $3.46 billion. CME also records approximately 1.91 million futures trades in the displayed data.The combination of high activity and reduced liquidations leaves the next breakout unresolved.
