Bitcoin steadied near $77,000 on Friday, finding a floor after weeks of heavy selling. Liquidation pressure is finally easing, and some buyers are cautiously stepping back in. Still, the recovery looks far from secure — overhead resistance remains stubbornly in place.
Liquidations cool, but scars remain
The cascade of forced selling that dragged Bitcoin below $70,000 earlier this month has slowed considerably. Exchange data shows margin positions unwinding at a much lower rate. That's given the market room to breathe. But the damage isn't erased — open interest is still well below where it stood before the rout, and many traders who got washed out aren't jumping back in yet.
The $77,000 pivot
$77,000 has become a key level to watch. It's where bids have consistently appeared over the past 48 hours, preventing a slide back toward the lows. That's the good news. The bad news is that every attempt to push higher has stalled. Sellers keep showing up around $78,000, and the order book is stacked with supply just above current prices. Until that wall breaks, calling it a full recovery is premature.
Buyers return — cautiously
Spot volumes picked up slightly today, with some accumulation visible on major exchanges. But nobody is rushing. Traders are placing smaller orders, testing the water. One market maker described the mood as “wait-and-see.” The absence of panic is a positive sign, but the absence of conviction is just as telling. The next move likely depends on whether that overhead resistance cracks or holds.
The immediate question is simple: can Bitcoin absorb the remaining sell orders above $77,000, or will it drift back into the range it just escaped? There's no obvious catalyst on the calendar this week — no major regulatory decision or exchange event. That leaves the market to its own technical gravity. For now, the floor is holding. But it's not a foundation anyone should bet on just yet.
