Bitcoin rally to $70K builds as orderbook structure highlights traders’ confidence

A positive bid-ask readings and a bullish RSI divergence support Bitcoin's recovery, with $70,000 emerging as a key target.

Bitcoin (BTC) is gaining buyers’ interest after setting a new yearly low at $59,000 last week. Order book data and liquidity suggest a rally is pending and more than $2 billion in short liquidity is concentrated near $65,000. BTC's bid-ask ratio has remained positive since last Friday. 

The shift in positioning and sentiment also aligns with a bullish chart pattern targeting the $67,000–$70,000 range. 

Bitcoin's recent rebound to $63,500 followed a bullish divergence between the price and the relative strength index (RSI) on the four-hour chart. The price printed a lower low during the early-June sell-off while the relative strength index (RSI) formed a higher low. The signal pointed to fading downside momentum before buyers stepped in.

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