Yesterday, there were three very interesting large orders~ one ⃣ The first transaction comes from Coinbase. Data shows that the $65000 mark has seen the largest main limit sell order for Coinbase BTC in nearly three months. It initially had only $2.11 million, but eventually accumulated $18.08 million in transactions, reaching 857% of its initial scale. This indicates that the seller did not leave the site all at once, but repeatedly replenished the quantity at that location and continued to use buying orders to transfer inventory. Coinbase is an important spot pricing venue for the US dollar, so although the market amount is not the largest, this order defines a very clear resistance level: $65000. two ⃣ The second transaction comes from Binance. The main player placed a buy order at $64242, with an initial amount of $17.88 million. After replenishing the order, they received a total of $78.02 million and 1214 BTC. But in the end, the wall was still pierced. Because during the same period, the main market price sold $100 million and the active trading net sold 1861 BTC. No matter how large the passive buying is, it is only limited inventory; When the urgency and sustainability of active selling are stronger, support will become a liquidity outlet for selling. Finally, Binance's lowest insertion was around $63100, while other platforms' lowest points during the same period were around $63700. So this long bottom line is a typical liquidity event where Binance's local order book is instantly emptied. three ⃣ The third transaction is from Hyperliquid. The main force is trading at a price of $64900 over $50.26 million, making it the largest main force limit transaction for this coin pair in recent times. After the appearance of pending orders, there is a price pressure effect, and BTC immediately rebounds after the start of trading. Take a look at the three notes together: -Coinbase sell order definition above supply; -Binance pays to test the depth below; -Hyperliquid completes leverage clearance. They collectively illustrate a rule of order flow: limit orders determine where prices slow down, while active orders determine where prices ultimately go. Next, the most critical position is between $64900 and $65000. -If held and accompanied by main force support, there is a chance for the price to test again between $65780 and $66000. -If it falls below and enlarges again with active selling, first look at $64300 below. Don't just look at who posted how much money. What really matters is: who is eaten and which direction the market can continue to go.