More than $500 million in buy orders has piled up in the $70,000 to $72,000 range for bitcoin, emerging as a key turning point for near-term price moves.

On May 29 local time, Cointelegraph reported that as bitcoin's price nears a major liquidity zone, trading is concentrated around $70,000 in both the spot order book and the derivatives market.

Coinglass data show a waiting bid volume of 6,235 BTC in the $70,000 to $72,000 range, worth about $443 million at current prices. The largest buy order sits just above $70,000, and the area is being cited as a key defense line that can absorb near-term selling pressure.

Below $70,000, additional demand was seen near $68,505. At that price, there are orders totaling 1,012 BTC, about $69 million. By contrast, there are not many notable buy orders below $68,500, making whether $70,000 holds as support more important.

The same price band is also drawing attention in the futures market. Liquidation heatmap data show about $2 billion worth of long positions in a risk zone near $70,000. By contrast, more than $5 billion in short positions is concentrated around $78,000. The market is watching the possibility that bitcoin could sharply rebound toward the upper liquidation zone after tapping the buy area near $70,000 and absorbing supply.

The technical trend is bearish. After losing support at $74,800, bitcoin showed a pattern of lower highs and lower lows on the daily chart. The current price is moving within a falling channel and is testing support near $72,000 to $73,000 at the lower end of the channel.

The relative strength index (RSI) has also fallen to about 33. That is the lowest level since Feb. 24, and it also showed selling pressure dominating in the short-term trend as the index stayed below the neutral line of 50 throughout the recent decline.

Cryptocurrency trader Ardi also presented a similar price band as resistance. Ardi said the $74,500 to $75,500 zone is acting as resistance across multiple time-frame charts, and if the price is pushed back again there, the market's focus could move to the $71,500 range. He said that breaking through channel resistance near $76,000 could shake the current downtrend.

The options market has also prepared for the possibility of a $70,000 retest. Glassnode said that during the recent decline, investors put about $10 million into buying put options with a $70,000 strike price. Put options gain value when prices fall and are used as a representative hedge against downside risk.

More recently, hedging demand has eased somewhat as some investors took profits, but it still showed how sensitively market participants are watching $70,000. With the spot order book, futures liquidation zones and options hedges all concentrated in the same price band, it became more likely that bitcoin's next volatility will also be decided there.

bitcoin:native If we stay below this $75.5K region, I'd expect something like this to play out. The weekly, daily, and 4H structure all have the same $74-75K region acting as resistance, while the upper side of the channel is sitting around $76K. If we see price manage to get… https://t.co/YnOIPiTyvT pic.twitter.com/dxWGvLP6vL