Just refreshed data from Coinglass, as of now, BTC's real-time price is $65,858, down 0.48% in the past 24 hours. Over the past week, it actually gained more than 7%, but these past couple of days have been clearly digesting those gains.

Does it feel like it can’t go up or down? — Exactly, this is a typical “annoying market.”

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First, let’s talk about price action — oscillating and converging, direction unclear

On the daily chart, Bitcoin is in a weak corrective oscillation after a decline, with a downward structure still intact. The four-hour chart is even more obvious — range-bound oscillation converging, volatility continuously compressing, making it hard to form a clear trend in the short term.

At the 65,600 level, it’s right in the middle of the four-hour range. Upward, 66,484 is the 23.6% Fibonacci resistance level, tested multiple times without breaking through; downward, 65,000-64,500 is a short-term support zone.

In simple terms — both bulls and bears are watching, neither wants to be the first to make a move.

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Next, look at liquidation data — longs are more injured

In the past 24 hours, the entire network saw $343 million in liquidations, with $206 million from long positions and $137 million from shorts.

Specifically for Bitcoin: longs were liquidated for $52.58 million, shorts for only $19.47 million.

What does this mean? — More people are chasing longs, but the market isn’t giving them a friendly response. This slight dip mainly hurt those chasing the rally.

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Key levels are coming — liquidation map is the focus

Coinglass data shows:

· If BTC drops below $62,831, the total liquidation of longs on major CEXs could reach $1.02B — a lifeline for bulls
· If BTC breaks above $69,131, the total liquidation of shorts could reach $1.16B — a stop-loss for bears

The range exceeds $6,000, and current price is right in the middle — both sides are testing, neither dares to leverage heavily.

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Good news — selling pressure is weakening

Although ETFs have been net outflows for five consecutive weeks, the rate of outflow has slowed significantly — ETF withdrawals have dropped 81% compared to earlier levels.

What does this indicate? Sellers might be “running out of steam.” Institutions aren’t dumping massively but are making measured position adjustments. The New Fire Research Institute also detected that several institutions are contrarily accumulating around $60k, with OTC off-exchange trading volume surging 8 times compared to before.

But don’t get too excited — this means “someone is buying,” not that “a rally is imminent.”

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How to operate specifically?

Core idea in a ranging market — range trading, only position at the upper and lower bounds of the range, try to avoid opening trades in the middle.

Long idea: buy lightly on dips around 64,800-64,300, with a stop-loss below 64,000. Target 66,000-66,500, and if it breaks through, look at 67,500. If it approaches 63,000 without breaking and instead volume increases for a rebound, consider adding to your position.

Short idea: if a rebound to 67,000-67,500 faces clear resistance, try small shorts with a stop-loss above 68,000. Target 66,000-65,500.

Position sizing: In this market, don’t risk more than 15%-20% per trade. Volatility is compressed, meaning a breakout could lead to a big move — if the direction is right, you eat the gains; if wrong, survival is the priority.

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Finally, I ask you: would you dare to add to your position at this level? Or do you think it still needs to drop further? Share your thoughts in the comments — 👇#我的Gate交易时刻 $BTC

BTC-1.23%

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