Bitcoin derivatives split between calm and pressure as traders weigh path to $72,000

On 2 March, Bitcoin briefly broke above $70,000 for the first time since 16 February before retreating to around $68,000, reflecting mixed derivatives signals. Options data showed muted implied volatility and a more balanced skew, suggesting traders are not strongly positioned for a major move. In contrast, Perpetual Futures saw over $106.25 million in long liquidations versus $12.83 million in shorts and a $1.32 billion drop in open interest, even as funding rates stayed slightly positive. A liquidation heatmap highlights larger liquidity clusters above spot, leaving both a dip toward $66,000 and a potential push toward $72,000 on the table.