Bitcoin Stuck at Key Resistance Level Amid Intense Trading Activity

The Bitcoin (BTC) order book shows a significant resistance level at $85,122-$87,000 with approximately $37 million in sell orders stacked. This is a major hurdle for bulls to overcome if they want to push prices higher.

On the other hand, there are around $21.1 million in buy orders at $82,000-$83,500, which could provide some support for the price. Additionally, the recent inflows into spot ETFs have totaled approximately $2.6 billion over the past week, indicating ongoing institutional demand.

However, it's worth noting that about 79,553 traders were liquidated in the last 24 hours, resulting in a total of roughly $278.6 million in closed leveraged positions. This extreme volatility near $84,000 has raised concerns among market participants.