Summary
- CoinGlass said Bitcoin’s next major support level will be near $68,000.
- It said large buy walls were formed in Binance’s Bitcoin perpetual futures market in the $67,000 to $68,500 range and the $72,000 to $73,500 range.
- It added that as much as about $12.93 million in sell orders was waiting in the $74,000 to $75,000 range, while the order book’s buy-sell imbalance was about -9.2%, indicating a sell-side bias.
Forecast Trend Report by Period
Bitcoin’s next major support level may be forming near $68,000, according to an analysis that showed a large concentration of buy orders at that level in Binance’s perpetual futures market.
CoinGlass, a digital-asset market data provider, wrote in a post on its official X account on Nov. 11 that “Bitcoin’s next major support level will be near $68,000.”
According to CoinGlass, large buy orders were concentrated in the $67,000 to $68,500 range on Binance’s Bitcoin perpetual futures market. Dense buy walls were also formed in the $72,000 to $73,500 range, close to the market price at the time.
By contrast, sell orders were waiting in the $74,000 to $75,000 range, including as much as about $12.93 million in orders. The order book’s buy-sell imbalance was about -9.2%, indicating a sell-side advantage.
CoinGlass added that limit orders can be canceled or moved, meaning the current buy wall cannot be assumed to function as an actual support level.
JH Kim
