- Bitcoin cleared $65,000, bringing short-side liquidity near $67,500 into focus at open.
- OTC Bitcoin balances dropped by 400,000 BTC as CryptoQuant reported whale accumulation.
- BTC open interest dropped 19.5% in June, exceeding Bitcoin’s 11.4% price decline sharply.
Bitcoin cleared a dense liquidation cluster above $65,000 shortly after the U.S. market opened. The move brought short-side liquidity near $67,500 into focus as futures leverage and OTC Bitcoin balances continued to decline.
In an X post, analyst Daan Crypto Trades highlighted that $65,000 area could signal short-term strength or weakness. A failure to hold above that level could pull the price toward lower liquidity, he added.
Source: X
Bitcoin Liquidity Clusters Shape the Next Move
Analyst Ted mapped major Bitcoin liquidity clusters on both sides of the market. He identified short-side pools near $65,000 and $67,500. A larger long-side cluster sat between $60,000 and $63,000.
Ted said a break above $65,000 could trigger liquidations in the next upside cluster. A decline below $63,000, however, could expose the $60,000 zone to a liquidity sweep.
However, CoinGlass data recorded $120.90 million in crypto liquidations over the previous 24 hours. Short positions accounted for $85.27 million, while long liquidations totaled $35.63 million.
OTC Balances Fall as Bitcoin Whales Accumulate
CryptoQuant analysts said Bitcoin liquidity in over-the-counter markets has continued to contract. The analytics platform reported that OTC balances fell from about 550,000 BTC to 150,000 BTC, a decline of roughly 400,000 BTC.
Source: CryptoQuant
The firm referred to the recent balance as the lowest ever recorded. The platform added that whales continue acquiring Bitcoin as OTC balance continues reducing.
CryptoQuant highlighted that the present cycle is different from all other bull runs witnessed before. The OTC balances used to increase when other market tops were being created. In contrast, this time the OTC balances have continued to decrease.
The platform further stated that there has been prolonged whale accumulation and lower OTC balance growth than ever before. Furthermore, the crypto market could see an upturn after that accumulation stage.
Futures Data Points to a Leverage Reset
Bitcoin’s June correction also coincided with falling open interest across derivatives exchanges. CryptoQuant data showed total BTC open interest declined from $25.96 billion on June 1 to $20.89 billion on June 21.
Source: CryptoQuant
That represented a 19.5% drop, compared with an 11.4% fall in Bitcoin’s price over the same period. The larger decline in open interest suggests existing leveraged positions were closed, liquidated, or reduced as prices fell.
The platform contrasted this with a market where price drops while open interest rises. This pattern could indicate fresh leveraged positions are building during a decline.
Related: Analyst Says Bull Markets Last 5x Longer Than Bear Markets: Is Bitcoin Due for a Catch-Up Rally?
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