Written by Antonio Oliveira , Staff Writer.Reviewed by Ray Salmond , Staff Editor.Written by Antonio Oliveira , Staff Writer.Reviewed by Ray Salmond , Staff Editor.Bitcoin drops after $78K pop, but ‘value investor’ keeps ‘hoovering up cheap’ BTC
MarketsPublishedMay 26, 2026Bitcoin’s rangebound trading carries on as bears defend $77,000 and bulls hold out near $74,000.
Bitcoin’s (BTC) consolidation continued into a fourth week, with the price finding support at $74,000 and resistance in the $78,000 to $80,000 range. According to Hyblock analysts, the intra-day rally to $78,164 hit a pocket where “longs that had previously opened up (that are in a position) were underwater and likely exited here at breakeven.”
BTC/USDT net positions heatmap. Source: Hyblock
Hyblock added:
“And shorts who were in profit, likely exited here at “breakeven” to prevent any loss. Hence “psychological” level.”
Regarding the liquidations that occurred during the intra-day price move and how liquidity currently functions as a magnet for BTC price, Hyblock identified two clusters. “The brightest clusters (where a lot of potential liquidity lies) and where liquidity is building up the fastest and most recently (i.e., $75,675 to $75,700.)”
BTC/USDT liquidation heatmap. Source: Hyblock
Related: Bitcoin price lags bullish US tech stocks: Is there a silver lining?a
Despite Bitcoin’s inability to hold above $78,000, Blockstream CEO Adam Back posted about a Bitcoin whale using a time-weighted average price (TWAP) method to “hoover” up 450 “cheap Bitcoins” per day for the last 8.5 eight and a half days.
Bitfinex Bitcoin whale TWAP data. Source: Adam Back / X
As shown in the chart below, the price action of the day represents the classic futures-led selloff where selling via derivatives is putting pressure on BTC price, but buyers in the spot market are absorbing a portion of the selling. This effectively softens the blows delivered by sellers and reinforces Bitcoin’s $74,000 support.
Currently, orderbook depth data (2.5% to 5% depth) shows sellers present from $77,700, and the asks thicken from $78,000 to $80,000, suggesting Bitcoin will continue to encounter resistance in this price range.
BTC/USDT spot and perps cumulative volume delta. Source: TRDR.io
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.More on the subject
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