Bitcoin Price Risks Bull Trap as $2.9B Liquidation Zone Looms

A stronger selloff could push BTC toward the $68,000–$68,300 region, where its 100-day EMA (purple) and 50-day (red) EMA are converging.

The bearish setup would weaken if BTC decisively closes above the $82,500 resistance area. Such a breakout would turn the former capitulation zone into potential support and increase the likelihood that the July bottom was sustainable.

Bitcoin Liquidation Heatmap Shows Bigger Downside Magnets

Bitcoin’s liquidation heatmap adds to the bearish case, showing significantly more leveraged positions at risk below the current price than above it.

The most immediate “liquidity magnet” sits around $77,500, where roughly $392.31 million in long positions could be liquidated if BTC falls into the area, according to data from CoinGlass.