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Bitcoin hovered near $66,600 as traders assessed shifting liquidity levels, with a heatmap pointing to a rebuilt $62,000 liquidity pocket and a monthly chart suggesting a potential W pattern within a long-term rising channel. Together, the signals describe a market balancing near-term downside pressure against a longer-term structure that could still allow for another upside leg.
In a Monday update, market commentator Columbus said the latest MMT heatmap data shows fresh downside liquidity rebuilding around the $62,000 zone. The visualization indicated dense liquidation clusters below current price, while overhead liquidity appeared more distributed across the mid $70,000 to low $80,000 range.
Columbus said new liquidity pockets had formed across a broader range, with a notable concentration just under $62,000. He added that weekend geopolitical headlines could increase the likelihood of price moving toward that lower band early in the week.
The heatmap displayed bright horizontal zones beneath spot price, signaling areas where leveraged positions could face forced liquidations if tested. Bitcoin, meanwhile, remained inside a multi-week consolidation after a sharp drop earlier in February, with price compressing between roughly $64,000 and $70,000. Columbus noted that recent upward moves have so far appeared to function as positioning resets rather than the start of a broader expansion phase.
He also said the downside draw remains active unless market structure shifts decisively—specifically, until buyers reclaim higher liquidity bands and invalidate the lower pocket around $62,000. Traders are therefore watching whether price gravitates toward the rebuilt liquidity zone or stabilizes above current support levels in the sessions ahead.
Separately, market commentator Time Freedom ROB highlighted a potential W pattern forming on Bitcoin’s monthly chart within a long-term ascending channel. The TradingView chart shows Bitcoin moving between two upward-sloping trendlines that have framed price action since 2016.
The chart outlines two major W-shaped formations across prior cycles. In both cases, Bitcoin formed a rounded bottom near the lower boundary of the channel before breaking higher toward the upper trendline. The current structure is described as mirroring that behavior, with price stabilizing above the candle body of the previous all-time high—similar to the setup seen after the 2018 cycle peak.
Horizontal levels drawn across former resistance zones are presented as structural reference points. In prior cycles, once Bitcoin reclaimed those areas on the monthly timeframe, momentum expanded toward the upper channel boundary. The latest candles show consolidation near a mid-channel zone, while the broader pattern remains intact as long as price holds above the rising support line.
The Relative Strength Index (RSI) on the monthly timeframe is also cited. Previous cycle tops coincided with RSI pushing into the upper band near overbought territory, followed by sharp resets. The current RSI reading is described as sitting in the mid range after cooling from earlier highs, with the projection suggesting a potential push higher before another momentum rollover.
Time Freedom ROB noted that price is bottoming above the body of the previous all-time high candle, echoing the structure seen in the last cycle. If the channel continues to guide price action, the historical pattern suggests expansion phases tend to follow extended consolidation near support, though confirmation would depend on sustained strength inside the rising channel and a break toward its upper boundary.
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