A notable bid-ask imbalance for Bitcoin exists near $66,000, possibly raising the chance for a relief rally to $71,000.
Bitcoin (BTC) data flashed a rare bid-side imbalance when it traded below $65,000 on Sunday. The bid-ask ratio showed strong buying pressure across multiple depth levels, which may have confirmed a short-term bottom for BTC price.
With more than $1.6 billion in short leveraged positions at risk of liquidation near $71,000, the setup centers on the possibility of a relief rally if BTC can hold above $66,700 on the daily chart.
Data from Hyblock captured a sharp bid-side skew near $65,000 on Sunday. The imbalance ranked in the 99th percentile across the 1%, 2%, 5% and 10% orderbook depth, marking one of the strongest buying responses in recent weeks.
