Bitcoin briefly tapped a key liquidity pocket near $73,000 before a swift rejection close to $74,000, keeping the market in a consolidation phase as traders gauge whether the move can evolve into a sustained push toward the $80,000 region. The underlying structure remains constructive, with buyers active on pullbacks.
Liquidity Sweep Meets Overhead Supply Near $74,000
According to the latest MMT Heatmap update from Columbus, Bitcoin surged into an upper liquidity pocket during the overnight session, accelerating to around $73,000 and probing overhead supply. Momentum stalled as price neared a concentrated liquidity cluster around $74,000, triggering a sharp corrective reaction.
This pattern reflects a typical “liquidity sweep,” where the market tests high-interest zones without immediately establishing value acceptance. Liquidity is cleared out, positions are rebuilt, and structure is reassessed before any durable move higher can take hold.
Market Structure: From Resistance to Support
Bitcoin is rotating as it attempts to convert a reclaimed channel resistance into support—a key step if the broader uptrend is to resume. This transition phase tends to define the quality of the next leg: persistent dip-buying and rebuilding of bids would keep the bias tilted higher, while fading demand would raise the risk of a deeper pullback.
Weekly Levels and Momentum Leave Room for Upside
On the weekly timeframe, Bitcoin is testing one of its most significant support–resistance zones, a level anchored to the week of March 11, 2024. Price behavior around such historical areas often shapes the next major directional move as both sides defend their positions.
Citing momentum gauges, crypto analyst Christopher Inks notes that the weekly RSI and Stochastic RSI remain below overheated territory, leaving room for further upside if buying pressure persists. Under that scenario, a drive toward the $80,000 area remains plausible.
Longer-Term Trigger to Watch
Inks also highlights a higher-timeframe marker: a strong, impulsive weekly candle breaking and closing above the yearly pivot at $96,071.25. He argues such a development would strengthen the case that the cycle low is in and could pave the way for a new all-time high. While not a guarantee, the level provides a clear reference point for trend confirmation on the weekly chart.