Foreign media analysis suggests that after the Federal Reserve kept interest rates unchanged this week, Bitcoin initially rose along with risk assets, but subsequently gave back some of its gains. Despite increased short-term volatility, the price remains above $64,000, and the market has not yet regarded this pullback as a trend reversal.
The article argues that the focus has shifted back from macroeconomic events to the market structure itself. Traders are paying closer attention to liquidity distribution, areas of high trading volume, and changes in derivatives positions to determine whether Bitcoin can return to higher price ranges.
Liquidity is concentrated around $68,000.
Based on the observations presented in the article, after Bitcoin tested the $60,000 demand zone, buying support quickly emerged, and the price did not continue to test lower levels. This means that although sellers initially pushed the price down, a sustained downward breakout did not occur.
The article points out that current liquidity is still largely concentrated above the current price, with the largest liquidity cluster located around $68,000. If the price breaks through this level again, it could trigger more significant upward volatility.
Meanwhile, the trading volume distribution also shows that the $67,000 to $68,000 range was previously a concentrated area of trading activity. If Bitcoin regains its footing in this area, it is generally seen as buyers regaining control, and the market may further test higher levels.
The decline in open interest indicates that leverage has been partially cleared.
The article also noted that this round of adjustments was accompanied by a significant decrease in open interest. As prices fell from a higher range to around $60,000, overall open interest contracted from its May high, indicating that the market saw more long positions being closed out and unwound, rather than a large-scale increase in short positions.
After prices rebounded from their lows, open interest has yet to return to previous highs. This suggests that current market leverage is lower than during the previous upward phase, reducing the risk of crowded long positions and creating room for new capital inflows.
The $60,000 to $61,000 range remains the lower limit to watch.
The article argues that the key to the current structure lies in whether the price ranges at both ends are reconfirmed. The upper range represents a high-volume trading zone of $67,000 to $68,000, while the lower range represents a demand zone of $60,000 to $61,000.
If Bitcoin continues to hold its current support and reclaims the upper range, market attention may shift to the liquidity targets around $68,000 and $70,000. If support breaks, the price could retest the $60,000 to $61,000 area.
