Bitcoin (BTC) traded in a narrow corridor of roughly $75,000 to $73,000 during the New York market open on Thursday, as a rapid swing in futures positions pressured the market. Overall, the session saw a total of about $283 million liquidated across the futures complex, underscoring the fragility of short-term momentum and the pressure points embedded in ultralow liquidity pockets.

Key takeaways

• BTC moved between $75,000 and $73,000 in a three-hour window around the New York open, prompting significant futures liquidations totaling about $283 million.
• The downside cascade triggered $166 million in long liquidations, followed by a quick rebound that liquidated roughly $117 million in short positions, creating a pronounced two-sided squeeze within the same trading session.
• The market’s funding rate turned positive to about +0.0005 after the bounce, suggesting that bearish positions were unwinding rather than a fresh wave of new long exposure driving the move.
• Spot participation lagged the rebound, with the spot cumulative volume delta continuing to drift lower as BTC hovered near the $74,000 level, signaling a need for stronger spot demand to sustain gains above key levels.
• Analysts emphasize that meaningful upside beyond the $76,000 range highs will require a synchronized pickup in spot buying and derivatives activity, aligning both sides of the market.

Bitcoin’s liquidity map and the price corridor

A closer look at liquidity layers around Bitcoin’s price reveals a stubborn regional structure that traders say continues to guide intraday moves. KriptoHolder highlighted a dense supply zone between $76,000 and $78,000, where approximately $2.81 billion in short-leveraged liquidity sits. In this zone, break-even pressure can intensify, making a sustained move through that band challenging without added demand.

In contrast, around $74,000 sits what KriptoHolder characterizes as an equilibrium area, where price tends to stall and rebound if liquidity above does not clear. Below $72,000, long-leveraged liquidity of about $2.5 billion creates a potential price magnet if the upper levels fail to clear, offering a theoretical pullback buffer for bulls but also a reminder of downside risk if selling accelerates again.

These liquidity maps are not just academic; they help explain the two-sided rapid move seen on Thursday. As the price dipped to near $73,200, long positions were aggressively liquidated across venues, amplifying the downgrade risk for short-term bulls. When the market found footing, shorts covering became the dominant driver of the bounce, rather than a surge in new buying interest from the spot market.

What the price action tells traders about market participation

During the rebound, data from the measurement tools used by traders indicated that spot demand did not surge in tandem with the short-squeeze unwind. The spot cumulative volume delta (CVD), which tracks net buying and selling in the spot market, continued its downward drift as BTC clawed back toward the mid-70s. This divergence suggests that the rebound owed more to liquidity being squeezed out of shorts than to a broad-based upmove fueled by new buyers stepping in at higher levels.

For BTC to break decisively above the $76,000 ceiling, market participants expect a renewed commitment from the spot market to corroborate the upside and prevent a return of selling pressure at resistance zones. In other words, a synchronized rise in both spot demand and derivatives participation appears necessary to convert the intraday squeeze into a durable uptrend.

These dynamics echo broader market observations captured in prior coverage, where Bitcoin’s price action has frequently traded within defined liquidity pockets and moved on the basis of urgency in liquidating or covering positions rather than incremental long exposure. For context, recent reporting noted Bitcoin rebounding toward the $74.5K area as U.S. equities pressed toward fresh records, highlighting how macro-market momentum can shape crypto intraday volatility.

Trading patterns and the road ahead

Beyond the immediate price action, a pattern of intraday behavior around Thursdays has emerged among market watchers. Killa, a noted trader, pointed out that eight of the past 11 Thursdays showed more downside than upside, framing Thursday’s session as part of a recurring pattern that can present intraday opportunities even within a broader downtrend. Thursday’s near-2% decline from the daily open offered a reminder that seasonal and intraday dynamics can influence risk appetite on shorter timeframes.

Looking ahead, analysts stress that the current price region remains sensitive to liquidity shifts. The $76,000–$78,000 window remains a critical supply zone, while the $74,000 level appears to act as an equilibrium where bids and offers balance out. A meaningful move above the upper band will likely require a clear, corroborated uptick in spot buying alongside a shift in funding dynamics, signaling a commitment from both sides of the market to push through resistance levels.

Market readers should also monitor any shifts in funding rates, which can foreshadow changes in leverage and crowd sentiment. A positive flip, as seen in the latest session, often accompanies short-covering behavior and can precede renewed price momentum if spot demand follows suit.

For continued context and alternative viewpoints, market commentary from across crypto outlets has underscored similar themes—namely, that persistent demand lags in certain regimes and liquidity-driven moves can dominate short-term price action even when the longer-term trend remains uncertain.

Related coverage noted Bitcoin’s rebound near the $74.5K area as equities climbed, illustrating how cross-asset dynamics can shape crypto volatility in real time. Investors should weigh this context against their risk tolerance and horizon, especially given the ongoing tension between liquidity pockets and price discovery in a market still adapting to evolving macro conditions.

As the week progresses, traders will be watching whether spot volumes pick up in parallel with ongoing derivatives activity. A synchronized bid across both markets would be a more durable signal of renewed appetite to push Bitcoin toward the next major milestone, while persistent divergence could leave the price oscillating within the current band until new catalysts emerge.

Gate is rolling an F1 Red Bull parade and “Racing the Future” exhibition through Hong Kong as part of its 13th‑anniversary push to fuse crypto branding with motorsport.

Gate is leaning on Formula 1 star power to anchor its 13th‑anniversary celebrations, rolling a branded Red Bull Racing parade car through Hong Kong’s Victoria Harbour district and wrapping it in a week‑long exhibition and gala. The company, an official sponsor and exclusive crypto‑exchange partner of Oracle Red Bull Racing, said the showcase is designed to bring “top‑tier racing culture into urban landmark scenes” while boosting its brand with local fans and global crypto users.

According to event materials, the F1 display car will follow a designated route around Victoria Harbour, giving spectators a close‑up view of the team’s 2026 machine as it passes through high‑traffic waterfront spots. Gate described the parade as a key offline moment in its cross‑industry tie‑up with Red Bull, positioned to “attract market and public attention” at a time when exchanges are fighting for mindshare in Asia’s post‑ETF bull market.

From April 18 to 24, Gate and Red Bull will host a “Racing the Future” outdoor exhibition at the K11 MUSEA promenade, where visitors can see the new 2026 Red Bull Racing car and core equipment, including race gear tied to drivers such as Max Verstappen and junior teammate Isack Hadjar. The event will feature a 13‑year “milestone wall” recounting Gate’s history, screenings of a new brand film and interactive zones that blend “top racing engineering and the aesthetics of speed.”

Organizers say the exhibition will be free but capacity‑controlled, with pre‑registration recommended for priority entry between 10 a.m. and 10 p.m. local time. One day of the run — April 20 — will be partially closed to the public to accommodate a private activation woven into Gate’s anniversary program.luma+1

That same day, the company will host its “Gate 13 Blue Carpet Ceremony,” formally unveiling the F1 display car and spotlighting its collaboration with Oracle Red Bull Racing and other lifestyle partners. In the evening, Gate will move the action indoors to the Rosewood Hong Kong for its “GATE GALA 13” anniversary dinner, where founder and CEO Dr. Han is scheduled to appear alongside more than 300 guests from leading institutions, partners and KOLs.

Gate’s Red Bull tie‑up dates back to a 2025 multi‑year sponsorship agreement that put its logo on the team’s cars, driver suits and pit equipment, replacing a prior $150 million deal with Bybit. The crypto exchange has since leaned heavily on the partnership in its marketing, echoing a wider trend of trading venues using elite sports sponsorships — from F1 to football — to rebuild trust and visibility after the last cycle’s blow‑ups.f1grandprix.

In previous crypto.news coverage, reporters have charted how exchanges from Binance to OKX and regional players have chased brand awareness through sports deals and experiential events, particularly in markets like Hong Kong that are racing to position themselves as regulated hubs for digital assets. Similar stories have highlighted how those efforts often converge around flagship weeks such as Paris Blockchain Week or Hong Kong’s FinTech Week, blending industry conferences with public‑facing stunts meant to pull crypto deeper into mainstream culture.

Crypto exchange Zonda said a cold wallet holding around 4,500 Bitcoin is currently inaccessible as the platform faces concerns over delayed withdrawals.

Zonda CEO Przemysław Kral posted a video statement on Thursday disclosing the exchange’s wallet address, saying the private keys to the wallet were never handed over.

In the statement, Kral denied accusations of misappropriating funds, saying the private keys were intended to be handed over by Zonda founder and former CEO Sylwester Suszek, who has been missing since 2022.

“So for all those who claim that I had anything to do with Sylwester’s disappearance, this is the prime argument that I care the most about Sylwester being found,” Kral said.

The disclosure follows weeks of controversy around the exchange after local reports suggested a probe into Zonda by Polish authorities, followed by an analysis by blockchain platform Recoveris, which alleged Zonda could have been insolvent based on a sharp drop in the exchange’s hot wallet balances.

Last recorded transaction dates to November 2025

Kral’s public disclosure of the wallet marks the first time that Zonda has disclosed the address amid the controversy.

The address cited by the CEO holds 4,503 Bitcoin (BTC) currently worth about $334 million, with the last transaction recorded in November 2025 as of the time of publication.

The CEO previously denied insolvency claims following the hot wallet investigation by Recoveris on April 6, insisting that Zonda remained fully solvent with more than 4,500 BTC in holdings.

CEO plans legal action, says Zonda will meet customer obligations

In the video, Kral said that much of Zonda’s recent withdrawal pressure was driven by an abnormal spike in withdrawal requests, which he linked to negative media coverage.

He said Zonda normally processed around 100,000 withdrawal requests per year but saw more than 25,000 requests within hours and days around April 6.

Kral said the company plans to take legal action over what he described as false claims surrounding the exchange and promised to fulfill obligations to customers amid withdrawal concerns.

Polish lawmaker Tomasz Mentzen said on X that Zonda may have lost access to its cold wallet following the disappearance of former CEO Suszek. Kral did not explicitly say the funds were lost, but said the private keys to the wallet were never transferred during the company handover.

Suszek has reportedly been missing since March 2022, with reporting referencing alleged criminal ties among certain shareholders of Zonda, formerly BitBay.

Related: French minister says new measures are coming after crypto kidnappings

The exchange was founded in Poland in 2014 and rebranded as Zonda in 2021. Kral told Cointelegraph in February that the company registered in Estonia amid regulatory uncertainty in Poland, citing delays in implementing the European Union-wide Markets in Crypto-Assets (MiCA) regulation.

The issue has drawn the exchange into a broader political debate, adding pressure on regulators and increasing scrutiny of Poland’s crypto sector.

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