Bitcoin Chart Analysis and forecast: liquidation heatmap(1h-bar)Bitcoin / TetherUSBINANCE:BTCUSDTBIGTAKERđ Bitcoin Technical Analysis Itâs been a while since my last market update on August 21. At that time, the VRVP POC at 104.5K and the Fibonacci retracement 0.382 level (102.2K) were identified as key support zones, and both continue to act as major levels while the market remains in a bearish phase. On the higher timeframe, Bitcoin is still staying near the lower boundary of the range. Liquidity is concentrated near the mid-range (central value) of this box, and a retest or breakout attempt within the next two weeks appears likely. This zone also overlaps with the Fibonacci 0.618 retracement level, which adds credibility to its importance. Looking at the 15-minute liquidation heatmap, a liquidity sweep pattern has formed in the lower yellow zone, and since a 1-hour bullish divergence has been confirmed, Bitcoin is expected to first test the 103.2Kâ103.5K liquidity zone. Indicator link: TradingView â Liquidation Heatmap đ Derivatives Market Overview Looking at Bitcoinâs open interest across major exchanges, it has sharply declined following the massive liquidation event on October 11, returning to levels seen in MarchâApril 2024. This structure is similar to when Bitcoinâs price formed its previous low. Indicator link: TradingView â Multi-Exchange Open Interest Also, the Coinbase Premium has recently turned negative, which reflects selling pressure from the U.S. market and suggests a potential continuation of short-term weakness. However, if it turns positive again soon, it could serve as a signal for recovery, so itâs worth keeping a close eye on this metric. ⥠Altcoins and Market Structure The TOTAL3 chart (total altcoin market cap excluding BTC and ETH) shows that the short-term trend has already broken down, and without a clear Bitcoin trend reversal or breakout above the previous high, altcoin recovery will likely remain limited. đ Overall Outlook Currently, open interest has declined significantly, and since the proportion of coins with negative funding rates is relatively high, the downside risk appears limited for now. Therefore, in the short term, a retest of the mid-range zone followed by a base-building phase seems likely. However, itâs important to keep in mind that another liquidity sweep near the previous low could occur, leaving open the possibility of a further drop toward the 98K area. In conclusion, maintaining a defensive position while closely monitoring for bottom confirmation signals within the 98Kâ102K liquidity zone remains a prudent strategy.