Buy orders stood out in the $68,000 to $70,000 range in bitcoin futures market and order book data.

On May 19 (local time), blockchain media outlet Cointelegraph reported that traders are paying more attention to downside liquidity around $70,000 than to a break above $80,000.

The market is focusing on liquidity at lower price levels rather than chasing a move above $80,000. Selling pressure has increased in the derivatives market, and the daily buy-sell ratio has fallen to minus 0.03. The figures show sellers are taking positions more aggressively than buyers.

The same trend appeared in VRVP, a volume distribution indicator. Since November 2025, the most heavily traded range on the chart was $68,000 to $70,000. That means positions built in recent months have accumulated most around that level, and the order book buy-sell ratio also stayed mostly in negative territory over the past month.

Liquidation data are also adding to downside pressure. On the liquidation heatmap, more than $3.4 billion in long positions are exposed around $74,700. If bitcoin slips to $70,000, the amount rises to $11.0 billion based on the 90-day liquidation range. That is why market participants are placing more weight on the possibility of absorbing downside liquidity than on a topside breakout.

Retail investor positioning has tilted bullish again. Crypto analytics firm Hyblock said the long share of "True Retail Accounts" has topped 60 percent. The indicator tracks the share of retail futures accounts that hold long positions. Hyblock saw retail traders leaning strongly toward a renewed upswing.

The move also aligns with past short-term peak zones. Hyblock pointed out that the indicator also surged into an "extreme long" zone when prices rebounded toward $78,000 to $82,000 in early May, after which price momentum slowed. It said short-term tops formed when retail positioning became excessively one-sided.

By contrast, the strongest rebounds appeared when retail investors leaned aggressively bearish. Hyblock explained that several instances when the long share fell below 35 percent occurred near bitcoin lows in March and April, after which bitcoin rebounded from the mid-$60,000 range.

The current mix of indicators is also closer to a short-term overheating signal. Hyblock looks at its retail positioning indicator together with the 14-period relative strength index (RSI). In the latest readings, the long share was 60.7 percent and the RSI was 74.9. That suggests retail investors are still holding positions with prices around $76,000 in mind. If the market follows a similar pattern to before, the possibility remains that the pullback could deepen.

Ultimately, the key is whether demand in the $68,000 to $70,000 range acts as real support. With futures positions, order book buy interest and liquidation supply all shifting attention to that zone, bitcoin's short-term direction now depends on how it reacts at those levels.

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