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Bitcoin is trading near a support level, while the futures market has built up large liquidation clusters on both the upside and downside, according to on-chain analytics firm Glassnode.
Citing estimated BTC futures liquidation data by price range over the past two months, Glassnode said a large concentration of long-position liquidations sits below $80,000, a level that has repeatedly acted as support in recent moves, with another dense liquidation zone around $75,000. On the upside, short-position liquidations have accumulated above $85,000 throughout this week, Glassnode said, adding the downside liquidation zones currently appear more vulnerable than the upper range.