Bitcoin Orderbook Structure Hints At Recovery To $70K

Bitcoin (BTC) is gaining buyers’ interest after setting a new yearly low at $59,000 last week. Order book data and liquidity suggest a rally is pending and more than $2 billion in short liquidity is concentrated near $65,000. BTC’s bid-ask ratio has remained positive since last Friday. 

The shift in positioning and sentiment also aligns with a bullish chart pattern targeting the $67,000–$70,000 range. 

BTC bulls attempt to regain control near support

Bitcoin’s recent rebound to $63,500 followed a bullish divergence between the price and the relative strength index (RSI) on the four-hour chart. The price printed a lower low during the early-June sell-off while the relative strength index (RSI) formed a higher low. The signal pointed to fading downside momentum before buyers stepped in.

BTC/USD, four-hour chart. Source: Cointelegraph/TradingView

Bitcoin is also trading within an ascending triangle pattern. A confirmed breakout may target the daily fair value gap between $67,500 and $70,500, an area of trading imbalance or liquidity gap left behind during the recent market correction. 

The order book activity supports the move. Data from Hyblock shows the bid-ask ratio remained positive at 0.05 after Bitcoin tagged its yearly low at $59,000 last Friday. The metric tracks aggressive buying and selling activity. A positive reading suggests buy-side market orders have been slightly outpacing sell-side orders.

BTC price, bid-ask ratio, spot CVD. Source: Hyblock

The cumulative volume delta (CVD) data adds another layer of support. Smaller cohorts (up to $10,000 and $100,000 orders) have shown improving buying activity with $53 million and $157 million, respectively, while the largest participants ($100,000-$10 million) have significantly reduced net selling pressure by $900 million. 

Crypto analyst Kripto Holder highlighted a $2.68 billion short-liquidity cluster near $64,600, calling it the primary upside liquidity pool. 

The analyst said Bitcoin’s ability to hold above $63,000 following renewed conflict in the US-Iran war adds weight to the recovery case. Spot CVD inflows also indicate demand from spot buyers.

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BTC needs to reclaim $66,000 soon: Analyst

Market analyst PILTR noted that BTC’s long exposure has gradually increased over the past five days. The current positioning tracks 237 long levels against 128 short levels, creating an estimated $4 billion positive imbalance.

Those price levels closely align with analysis from crypto trader Ardi, who argued that Bitcoin is still trading within a bear pennant following its decline from $83,000 to $59,000. The analyst identified $64,000 and $66,000 as the two most important levels for the current recovery.

BTC/USD, four-hour analysis by Ardi. Source: X

According to Ardi, a move above $64,000 would clear both horizontal resistance and the pennant structure, giving Bitcoin additional room to the upside. The next hurdle sits near $66,000, a former major range support level that now acts as resistance. 

Reclaiming that area would strengthen the case for a move into the liquidity zone above the price and the unfilled fair value gap between $68,000 and $70,000.

However, PLTR also flagged weekend positioning as a near-term variable. The analyst noted that weekly profit-taking often creates opposing flows into weekends, especially after a sustained build-up in long exposure. 

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