Bitcoin London open: 73,764 or 72,744 next?Bitcoin Perpetual ContractHYPERLIQUID:BTCUSDC.PSwiftEdgeBitcoin heads into the London session at 73,700. This is the map for the session: where it starts, the next level on the map in each direction, and how often breaks at this open have travelled that far. THE SETUP - Pre-market (the hour before the London open): 73,503 to 74,096, 593 wide - wide: over 133 % of its usual width (349 over the last 20 sessions). - Opening range (first 15 minutes): 73,980 to 74,150. The middle, 74,065, is where the idea ends. THE MAP - If it breaks up: next on the map 73,764 (VWAP (day), Yesterday's close), then 74,022 (Upper wall, Fast wall). - If it breaks down: next on the map 72,744 (Yesterday's low, Yesterday's VAL), then 72,000 (Lower wall, Put wall (30 d)). - The idea is over on a 1-minute close back through the middle of the opening range. WHERE PRICE STANDS - Price is inside yesterday's value area (72,816 to 74,363): balanced, rotational conditions until it leaves it. - Price is below the weekly open (74,823) and below the daily open (73,763). - Daily trend: price below the 50-day (78,856) and below the 200-day (74,846) average. - Over 24 hours price is -1.14 % and open interest +0.8 %: new shorts are coming in. - Funding is +9.4 % a year across the market: normal. - Within 2 %: $43.0M of longs below and $7.95M of shorts above would be liquidated. - Today: New York open (US equities) at 9:30 AM ET. THE ORDER BOOK - Largest resting sell orders above: 74,375 (156 BTC, +0.92 %); 74,725 (348 BTC, +1.39 %); 75,085 (280 BTC, +1.88 %). - Largest resting buy orders below: 73,115 (276 BTC, -0.79 %); 72,835 (257 BTC, -1.17 %); 72,070 (180 BTC, -2.21 %). - Resting orders can be pulled before price gets there; they show where size is waiting now, not where it will stay. POSITIONING AND LIQUIDATIONS - Within 1 % of price: $1.6M of long liquidations below and $439k of short liquidations above. - Within 2 % of price: $43M of long liquidations below and $7.9M of short liquidations above. - Within 5 % of price: $240M of long liquidations below and $16M of short liquidations above. - Largest long-liquidation cluster: $49M at 70,550 (-4.3 %). OPTIONS - Options price a move of about +-1,515 (2.1 %) for the day. - Call wall: 80,000 (+8.5 %). - Put wall: 77,000 (+4.5 %). - Gamma flip: 78,241 (+6.2 %). WHAT HAS HAPPENED BEFORE - At the London open since 2023 with a wide pre-market, breaks of the first 15 minutes reached 1x the pre-market width beyond the range 23% of the time and 2x 11%. - 79% of breaks closed back through the middle of the range before the session ended. - Trading these breaks mechanically has not paid after costs in our three-year test, so read this as a map of where the session is likely to be decided, not as an entry. SO FAR - Broke down at 08:19 UTC, reached 0.5x the pre-market width. HOW TO READ THE CHART The teal and violet arrows run from the opening range to the next level on the map if price breaks up or down. The small boxes are the pre-market hour and the first 15 minutes; the dashed amber line is where the idea ends. Thick violet and teal bands are resting sell and buy orders with their size, pink bands are clusters of liquidation prices, and dotted amber lines are the options call and put walls. A map for the session, not a trade signal. Not financial advice.