Bitcoin (BTC) traded sideways Thursday after a week of increased market liquidity, with bulls defending key support and targeting a potential 71% rally toward $117,000.
Notably, the world’s largest cryptocurrency by market capitalization has climbed nearly 30% over the past week, with traders now watching whether the $80,559 level can hold as support.
Meanwhile, analyst Javon Marks said Bitcoin’s ability to remain above the $67,559 area could be significant for its next major move. According to Marks, the level has shifted from a previous resistance zone into potential support, creating the possibility of a renewed advance if buyers continue defending it.
Marks has identified $116,652 as the next major technical target. A move from the $80,559 area to that level would represent an increase of more than 61%, putting the cryptocurrency back near a major long-term resistance zone.
The analyst also noted that his broader Bitcoin analysis originated when BTC was trading around $17,000. From there, the $67,559 level was previously projected as an important target, which Bitcoin eventually reached and used as a key price area before advancing toward $116,652.
 
Additionally, analyst Ted Pillows highlighted $74,000 as the next crucial level for Bitcoin bulls.
The pundit stated that a weekly reclaim of $74,000 would significantly reduce the probability of Bitcoin falling below $55,000. Such a move would signal that buyers have regained control at a higher timeframe and could strengthen the case for a broader recovery.
Moreover, crypto analyst “CryptoReviewing” highlighted a major liquidity battle around Bitcoin’s current price range. The recent move toward $65,000 triggered roughly $494 million in liquidations over 24 hours, underscoring the heightened volatility surrounding the cryptocurrency.
Bitcoin has significant liquidity positioned on both sides of the market, with approximately $1.7 billion above the current range toward $67,000 and around $3.3 billion below, extending toward $61,000.
In the short term, $64,000 and approximately $65,300 remain important levels to watch. Sell orders have reportedly been concentrated between $64,800 and $65,300, while buy interest has emerged around $63,800-$64,000.
However, market structure shows signs of improving. Open interest has continued to decline while spot buying has increased, suggesting that excessive leverage is leaving the market as demand for actual Bitcoin strengthens.
At press time, BTC was trading at $80,937, up 8.08% over the past 24 hours.
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