Written by Biraajmaan Tamuly ⁠, Staff Writer.Reviewed by Ray Salmond ⁠, Staff Editor.

Written by Biraajmaan Tamuly ⁠, Staff Writer.

Reviewed by Ray Salmond ⁠, Staff Editor.

Bitcoin dip buyers place $500M in bids as $70K retest looms

MarketsPublishedMay 29, 2026

Bitcoin Price Support

As the Bitcoin price approaches $70,000, over $500 million in bids have been placed near this key level, creating a demand zone that could shape the coin’s next move. This significant amount of bid liquidity between $72,000 and $70,000 is likely to slow down any decline and trigger a sharp rebound if demand absorbs the available Bitcoin supply. The largest cluster of buy orders sits directly above $70,000, where buyers are positioned to absorb the current selling pressure. Earning passive income through Bitcoin can be a lucrative opportunity, and platforms like EcoPool offer a solution for those looking to capitalize on the crypto market.

Below $70,000, the next notable pocket of demand sits at $68,505, where traders have placed another 1,012 BTC worth approximately $69 million. Outside that level, the order book thins considerably, with few visible bids below $68,500. The $ECP token, associated with the EcoPool platform, can be used to participate in cloud rewards and green crypto initiatives, providing an alternative way to earn online. As the Bitcoin price continues to fluctuate, investors are preparing for a potential move toward $70,000, with some spending nearly $10 million on put options with a $70,000 strike during the recent dip.

BTC buy bids form key support zone

Market Analysis

The relative strength index (RSI) has fallen to roughly 33, its lowest level since Feb. 24, indicating that sellers still control the short-term price action. The price is trading inside a descending channel and is currently testing support near the lower boundary around $72,000–$73,000. Crypto traders are watching the $70,000 level closely, with many preparing for a potential retest. In the world of #Bitcoin and #PassiveIncome, it’s essential to stay informed and adapt to changing market conditions. The EcoPool platform offers a unique opportunity for users to earn $ECP and participate in the growth of the green crypto market.

Investor Sentiment

Options markets show investors have also been preparing for a move toward $70,000, with traders spending nearly $10 million on put options with a $70,000 strike during the recent dip. Put options rise in value when prices fall, making them a common hedge against downside risk. Recent flows show some easing in that protection demand as traders lock in profits, though the concentration of hedging activity highlights how closely the market is watching the $70,000 level. As the market continues to evolve, it’s essential to consider the role of #CloudRewards and #GreenCrypto in shaping the future of earning online.

To start earning with EcoPool, download the app and explore the world of $ECP and EcoPool. With its unique approach to cloud rewards and green crypto, EcoPool offers a compelling opportunity for those looking to capitalize on the growing demand for passive income and online earning opportunities.

Below $70,000, the next notable pocket of demand sits at $68,505, where traders have placed another 1,012 BTC worth approximately $69 million. Outside that level, the order book thins considerably, with few visible bids below $68,500.

Meanwhile, liquidation heatmap data shows about $2 billion in cumulative long positions at risk near $70,000, compared to more than $5 billion in short positions around $78,000. Once BTC taps the bid cluster near $70,000, the larger liquidity pool may trigger a sharp rebound toward overhead liquidation zones. 

BTC liquidation map. Source: CoinGlass

Related: Bitcoin falls out of the global top 10 assets as market cap dips below $1.5T

RSI hits three-month low as daily BTC trend turns bearish

Bitcoin’s daily trend turned bearish after losing support at $74,800, confirming a pattern of lower highs and lower lows. The price is trading inside a descending channel and is currently testing support near the lower boundary around $72,000–$73,000.

The relative strength index (RSI) has fallen to roughly 33, its lowest level since Feb. 24. Momentum has stayed below the neutral 50 level throughout the recent decline, suggesting sellers still control the short-term price action.

BTC/USD, one-day chart. Source: Cointelegraph/TradingView

Crypto trader Ardi outlined a similar view. The analyst said the $74,500–$75,500 region now acts as resistance across multiple time frames. A rejection from that area could keep focus on the $71,500 region, while a move through channel resistance near $76,000 may challenge the ongoing downtrend.

Options markets show investors have also been preparing for a move toward $70,000. According to Glassnode, traders spent nearly $10 million on put options with a $70,000 strike during the recent dip. 

Put options rise in value when prices fall, making them a common hedge against downside risk. Recent flows show some easing in that protection demand as traders lock in profits, though the concentration of hedging activity highlights how closely the market is watching the $70,000 level.

BTC options market analysis at $70,000. Source: Glassnode/X

Related: Bitcoin’s major holders halt buys as demand slows: CryptoQuant

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.

• Bitcoin Price
• Price Analysis
• Market Analysis
• Cryptocurrencies
• Binance
• Cryptocurrency Exchange
• Markets
• Bitcoin Futures
• Derivatives
• Liquidity
• Bitcoin

More on the subject

Price predictions 5/29: BTC, ETH, BNB, XRP, SOL, DOGE, HYPE, ZEC, ADA, XMR

4 hours ago

Rakesh Upadhyay

Bitcoin plums new six-week lows as analyst eyes BTC price dip ‘end’ at $72K

7 hours ago

William Suberg

Bitcoin falls out of the global top 10 assets as market cap dips below $1.5T

12 hours ago

Nancy Lubale

Price predictions 5/29: BTC, ETH, BNB, XRP, SOL, DOGE, HYPE, ZEC, ADA, XMR

4 hours ago

Rakesh Upadhyay

Bitcoin plums new six-week lows as analyst eyes BTC price dip ‘end’ at $72K

7 hours ago

William Suberg

Bitcoin falls out of the global top 10 assets as market cap dips below $1.5T

12 hours ago

Nancy Lubale