Will $100M BTC price support help Bitcoin avoid a drop to $61K?

Bitcoin (BTC) is seeing “wild” order book behavior as bulls attempt to stave off a fresh BTC price drop.

The latest data from monitoring resource CoinGlass shows a fresh support battleground forming near $63,000.

Bitcoin traders line up last line of defense

Bitcoin set new local lows of $63,400 on Aug. 1, 5% beneath the prior day’s highs, per Cointelegraph Markets Pro and TradingView.

While since recovering above the $64,000 mark, price is still due a rematch with those lows, traders believe.

According to CoinGlass, support liquidity at $63,300 alone now totals nearly $100 million across exchange order books.

Analyzing the situation, popular trader Daan Crypto Trades suggested that the latest liquidity below the spot price could form part of a deliberate attempt to drive the market higher.

“That's some wild action in the orderbooks on Binance futures,” he commented on X alongside a chart.

“We saw a lot of orders valued at ~$300M get filled down at these levels. There's an additional ~$300M in orders put below price now, supposedly to try and drive it up. Interesting action.”

Previously, Cointelegraph reported on expectations for a sweep of range lows on BTC/USD to take liquidity and fuel a return higher.

Updating X followers, fellow trader Mark Cullen appeared confident despite the latest downside.

“All going to plan, just waiting for Bitcoin to sweep the lows or put in a bottoming structure here around the 38.2 Fib level,” he wrote.

“Lose the level and fail to reclaim it quickly and we could see low 61ks once again.”

Analyst: $70,000 rejection was "worst" BTC price option

Bitcoin’s monthly close meanwhile continued a multi-month consolidation process.

Coming in at around $64,600, the close sealed total BTC price gains of 2.95% for July, CoinGlass confirms.

Despite this, a series of lower highs on the daily chart remains problematic for some market participants, with Bitcoin sellers still firmly in control at the old all-time highs of $69,000 and above.

“Bitcoin upside wicked into the low $70,000s (blue circle) and rejected from the top of the structure,” popular trader and analyst Rekt Capital responded, highlighting the series of lower highs.

In a further X post, he suggested that history favored an upside breakout to eventually result for BTC/USD, with the $70,000 rejection the “worst” outcome within the consolidatory phase.