Bitcoin has started to give back its gains after breaking $74,000. Because of this, some BTC traders

Bitcoin Pulls Back From $74K as Bulls Catch Their Breath—But Order Books Tell a Different Story

Bitcoin's had a bit of a pullback. After running up to $74,000, the price slipped during Thursday's Wall Street open, giving back some of those gains. Now the market's waiting to see if the dip buyers show up and turn that level into new support.

Key Takeaways:

• Bitcoin's backing off from $74K, looking for a place to regroup.

• Exchange order books are still stacked with bids—a quiet but real sign of strength.

• The bears aren't buying it. They're still convinced this rally's got no legs.

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Momentum Fades at Monthly Highs TradingView data shows BTC down about 1.5% on the day, drifting lower after that local top at $74,000. Price is now probing long-term levels, trying to see if they can flip into support. And here's the thing: selling pressure on exchanges is actually easing up.

X analyst exitpump took a look at the Binance spot order book and liked what he saw. "There's相当强劲的买盘 in the depth, and the imbalance isn't nearly as negative as you'd expect," he said. "So the bullish case is still alive."

Castillo Trading chimed in, pointing out that things are looking better on longer timeframes. "Selling pressure for $BTC on Binance spot has明显降温 this month," they noted after comparing activity across exchanges. Their take? "It's interesting—it really seems like they're不再打压价格. Sure, sell pressure could come back anytime, but right now? This is exactly what we want to see."

That said, it's not all smooth sailing. CoinGlass data shows price has already sliced through some buy-side liquidity stacked above $71,000. So the battle lines are drawn.

Another 'Moment of Truth' for Bitcoin Trader Jelle isn't mincing words. He's calling the current price zone a "moment of truth." "False breakout or successful breakout? We'll know soon," he told his X followers.

He posted a chart comparing recent action to late 2025, when Bitcoin spent weeks chopping around before finally breaking down. That's the kind of setup that keeps traders on edge. Cointelegraph has also flagged a potential "death cross" forming on the weekly chart, which historically doesn't bode well for price.

And then there's Roman. He's been bearish, and he's sticking to it. "Making new highs would bring bearish divergence + extremely low volume on the 1D chart," he argued. His bottom line? "This is just a bearish breakdown and a retest of former support turned resistance. We'll go lower soon."