Bitcoin (BTC) traders have shifted their focus to the $68,000-$70,000 range as a key support zone, with on-chain data showing a buildup of sell-side pressure and significant liquidation risk for leveraged positions above this level. The price of Bitcoin was $76,690 as of May 19, 2026, down 0.49% in 24 hours, but has since touched levels as low as $76,011.
Data from analytics platform Hyblock shows that sellers are currently more aggressive than buyers, with the daily bid-ask ratio falling to -0.03. This comes as liquidation maps from CoinGlass reveal more than $11 billion in cumulative long positions would be exposed if Bitcoin’s price falls to $70,000, creating a significant pressure point for the market.
The visible range volume profile (VRVP) indicator highlights the $68,000-$70,000 region as the most densely traded zone since November 2025, suggesting most active positions were opened near this level. Further data shows over $3.4 billion in long positions are clustered near $74,700, representing an immediate risk if support fails.
This positioning suggests traders are prioritizing deeper liquidity pools rather than chasing prices above $80,000, a level that has met resistance. The cost basis for investors who bought over the last month sits at $76,900, forming an immediate support floor, according to Glassnode. A failure to hold this level could accelerate a move toward the high-liquidity $70,000 zone.
Adding to the corrective outlook, retail futures traders are again leaning heavily bullish. Hyblock’s “True Retail Accounts” long percentage metric climbed above 60.7%, a reading that has previously coincided with local tops during rallies toward the $78,000-$82,000 range in early May.
Hyblock noted that the strongest recovery points for Bitcoin have appeared when this metric showed retail traders turning aggressively bearish, such as when fewer than 35% of accounts held long positions in March and April. The current crowded long positioning among retail accounts, combined with an elevated Relative Strength Index (RSI) of 74.9, suggests the market may be positioned for a deeper pullback.
The cautious sentiment is compounded by weakening institutional demand and macroeconomic factors. US spot Bitcoin exchange-traded funds (ETFs) recently saw net outflows of more than $1 billion in a single week, a figure that crypto exchange Bitfinex noted points to "fading momentum beneath the surface." While monthly inflows remain positive, the pace is well below levels typically associated with strong bull market phases.
Some analysts believe the potential positive impact of events like the US Senate's CLARITY Act vote is already reflected in the price. Trading resource Material Indicators suggested that passing the act would likely deliver only a "knee-jerk reaction" before the rally fades. Meanwhile, traders are watching several CME futures gaps, with downside targets near $67,000 and upside gaps at $79,000 and $84,000.
This article is for informational purposes only and does not constitute investment advice.
