Bitcoin shoots past 65,000 dollars with 2.5 billion dollars in liquidations! What does this mean for the next price move?

On Monday, Bitcoin surged past 65,000 dollars at the opening of Wall Street, marking its highest level of the week. According to data from TradingView, the BTC/USD pair reached as high as 65,555 dollars on the Bitstamp exchange, the strongest showing since last Wednesday.

The market direction shaped by liquidity clusters

This rise occurred despite a lackluster start in the US stock markets, which opened lower amid ongoing uncertainty regarding US relations with Iran. After the US gave Iran a two-month window for oil trade, however, market nerves eased somewhat. The price of WTI crude oil dropped toward 73 dollars per barrel, nearing its lowest point since early March.

Intraday action in the crypto market was largely influenced by buy and sell orders accumulating around the spot price. Analyst Daan Crypto Trades observed that the thick band of liquidations above 65,000 dollars had been absorbed and stressed the importance of monitoring the next short-term trend closely.

CoinGlass, a widely used market platform for tracking derivatives and liquidation data, notes that liquidations happen when leveraged positions are closed automatically due to insufficient margin, often leading to sharp price moves in a short period.

Quick glossary: Liquidation occurs when the exchange forcibly closes a leveraged position due to adverse price movement. A liquidity cluster refers to areas with a high concentration of orders and stop levels around certain price zones.

Eyes on 70,000 dollars and calls for caution

Market observer CrypNuevo pointed out that as long as buyers can defend this short-term breakout, Bitcoin could make a fresh move toward 70,000 dollars. But some traders maintain a more cautious stance, noting the price structure of recent weeks.

Massive liquidations: 2.5 billion dollars in 7 days

The CryptoReviewing account, which tracks liquidity and order flow, described recent liquidations as exceptionally harsh. Data shows that 2.5 billion dollars in Bitcoin positions were liquidated over the last week. The analysis also highlighted the significant liquidity still parked between 65,000 and 67,000 dollars, suggesting that this could be the next key zone for price action.

Meanwhile, trader Killa noted a recurring pattern: in the last six weeks, Mondays have often set the local weekly peak. The analyst pointed out that if intraday strength continues, this could be a recurring structure worth close attention.

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