Bitcoin Bid Skew at ₱3,936,796 ($65,000) Signals Relief Rally to ₱4,300,193 ($71,000)
Bitcoin rebounded to $67,000–$68,000 within hours of detecting a rare bid-side imbalance near $65,000 on Sunday. The setup targets $71,000 where ₱96.91 billion ($1.6 billion) in short liquidations await, contingent on daily chart support at $66,700 holding.
Key Takeaway
A 99th percentile bid skew near $65,000 could fuel a short squeeze to $71,000 if $66,700 holds.
Hyblock Capital detected a bid-side imbalance near $65,000 on Sunday that ranked in the 99th percentile across 1%, 2%, 5%, and 10% orderbook depth levels.
The setup remains intact as long as daily chart support at $66,700 holds. CoinGlass data shows ₱96.91 billion ($1.6 billion) in cumulative short liquidation leverage stacked near $71,000, making that level the target for a relief rally. Trader LP noted that April 1 acted as a local low in 67% of observed cases over the past nine months, adding weight to the timing of the bounce.
Monday closures present a critical test. Crypto analyst KillaXBT highlighted that roughly 90% of Mondays printed early highs followed by selling pressure. Over the past six months, 20 out of 24 Mondays delivered at least 3% downside moves.
Bid-side heavy orderbooks create buying pressure that typically pushes mid-price up short-term, though research shows the effect deteriorates quickly. Positive jumps often occur during locally bearish trends, with effects persisting beyond the rapid reversion of imbalance factors under 30 minutes. Similar patterns in Ethereum and Litecoin futures on Binance have predicted immediate returns driven by supply-demand disbalances. If $66,700 breaks, the relief rally scenario collapses and 20 out of 24 Mondays in the past six months could signal further downside.
This article was written based on reporting from Cointelegraph.
