Bitcoin Sell-Side Liquidity Hits Two-Month High, Testing $70,000 Support
The $70,000 level for Bitcoin is more than a psychological round number; it is also a key gauge of recent buying support. Exchange order-book and onchain data compiled by Cointelegraph show that the market structure is again resembling the sell-heavy conditions seen in January 2026. A break below support could trigger further stop-loss selling and deleveraging.
As of July 19, 2026, Bitcoin's sell-side liquidity had risen to a two-month high, with sell orders exceeding demand by about 40%. Holders across all wallet sizes took profits during the price rebound, with retail investors cited as the main source of selling pressure. Although Bitcoin remained near $70,000, dip buyers appeared inclined to wait for lower prices as the market tested whether the support level would hold.
All Coverage
4 original reportsThe Backstory
The history behind this eventBitcoin Rebound Faces Downside Risk as $162 Million in Bid Liquidity Provides Key Support
Bitcoin has rebounded from an earlier bout of selling, but derivatives leverage has not recovered in tandem. That suggests the rally is more of a post-deleveraging recovery than a broad influx of fresh bullish capital. Velo data showed futures open interest fell from 282,000 BTC to 255,000 BTC during the sell-off, putting the focus on whether bids below the market can absorb renewed selling pressure.
Bitcoin briefly recovered to around $64,000 on Monday, June 8. Spot cumulative volume delta improved by about 11,000 BTC from the previous Friday, while the funding rate turned positive at 0.0013%. Traders also placed bids for about 2,565 BTC between $57,000 and $59,000, worth $162 million at a market price of $63,300. Binance’s order book showed a similar concentration of liquidity.
Bitcoin Falls Below $77,000 as Data Signal Selling Pressure Could Worsen
The 11 U.S.-listed spot Bitcoin ETFs have become an important gateway for institutional capital entering the crypto market, and their flows are also viewed as an indicator of price support. ETF redemptions, aggressive selling in spot and futures markets, and demand for options hedges are now rising in tandem, suggesting the correction may be more than a pullback after a rally.
Bitcoin fell about 6% from $82,000 to $76,800 and dropped below $77,000 again on May 22. SoSoValue data showed that the 11 ETFs had recorded more than $1.5 billion in outflows since May 7, including $648 million on May 18 alone. Glassnode said spot cumulative volume delta, or CVD, had fallen to negative $126.2 million, with key support at $74,000–$76,000.
Subscribe to Mark Radar Weekly
Every Friday, the week's strongest signals in your inbox. Unsubscribe anytime.
If you search news on Google, you can set Mark Radar as a preferred source—our coverage will show up more often in your results. Set as preferred source on Google →