- Bitcoin tapped $68.5K liquidity and rejected, confirming bearish continuation
- Current price action eyes $64.5K draw on liquidity area for support
- Analyst expects potential reversal only after deeper liquidity mitigation
Bitcoin has started another retracement phase after reacting to a liquidity grab near the $68,560 mark. The current market movement follows a short setup identified by analyst Lennaert Snyder, with price action confirming a bearish continuation pattern.
Bitcoin Rejects Near $68K and Extends Bearish Retracement
Bitcoin showed a sharp rejection after grabbing liquidity around $68,560. The short setup, shared by analyst Lennaert Snyder, followed a textbook reaction from the M15 liquidity pool. According to his post, this formed the basis of a valid short, which has since begun to play out.
The asset continued to move lower, now heading toward the $64,500 level, identified as a key draw on liquidity. Price action has been consistent with broader trend behaviour, which remains bearish across higher timeframes. Snyder emphasized that this support zone will be closely monitored for future entries.
Short-Term Retests May Lead to Deeper Drops Before Reversal Zones
Snyder outlined two possible short setups based on market structure and liquidity. A less aggressive entry would follow a sweep of the $68,560 zone, while a more risk-focused option would come from the $67,810 level. In both cases, the short targets remain near $65,200, an area previously established as a range low.
He added that any long setups would only be considered if Bitcoin reaches and mitigates the liquidity between $64,500 and $63,000. “I’ll only long high-probability reversals after mitigating serious liquidity,” he stated, suggesting patience for bullish entries. The trend remains bearish unless clear structure shifts occur.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
