Bitcoin’s surge to $77K pressures shorts, but absent spot and long leverage caps rallies
Bitcoin bulls took another swing at the $77,000 resistance, but profit-taking and traders’ reluctance to increase margin and spot longs limit the strength of each breakout.
Bitcoin (BTC) traders pushed the price to $77,400, but data suggests profit-taking may thwart the bull’s goal of turning the $77,000 to $80,000 zone into support.
Orderbook data from TRDR shows over $130 million in asks extending from $76,700 to $79,300.
