Bitcoin declined by 3% over the past 24 hours, slipping below the $61,000 mark, as short-term traders focused on liquidity dynamics. As more than $525 million in buy orders clustered between
Bitcoin declined by 3% over the past 24 hours, slipping below the $61,000 mark, as short-term traders focused on liquidity dynamics. As more than $525 million in buy orders clustered between $60,500 and $61,500, the price dipping into this band increased both downside and upside liquidation risks in the market.
Order book data reveals concentrated liquidity pockets just below $60,500 and around the $65,000 level. This suggests that price movements in Bitcoin are currently being driven by how liquidity shifts in these zones, defining the short-term trend.
Bitcoin closed Tuesday at $62,700, marking its lowest daily finish since June 10. The drop erased the previous day’s price action and formed a bearish engulfing candlestick pattern, a technical signal pointing to weakening momentum in the short run.
Following this, the price stabilized sideways just below $63,000. On the hourly chart, lower highs set in after the rejection near $66,000 earlier in the week. Meanwhile, the relative strength index (RSI) pulled back from recent overbought territory. Despite this, Bitcoin remains above the local June low of $60,500, indicating some support at this level.
Glossary: RSI is a momentum indicator measuring the speed and strength of price movements. High values typically indicate overbought conditions, while low values suggest oversold markets.
Lennaert Snyder observed that while Bitcoin experienced a brief rebound, he remains unconvinced and currently holds off on taking any long positions.
Crypto investor Lennaert Snyder believes that whether a stronger upward reaction emerges will depend on how Bitcoin behaves around the $61,500 and $60,500 zones. He also notes that the $63,500–$64,000 range stands out as a higher liquidity band that could attract the price if momentum shifts upward.
According to Velo data, investors initially added 8,366 BTC in buy-side liquidity between $61,500 and $60,500. As Bitcoin slipped below $61,000, a significant portion of this buying interest was triggered, with roughly $270 million in buy orders executed in that range.
The remaining buy orders are positioned towards the lower end of this liquidity cluster, where investors are attempting to absorb the latest wave of selling pressure.
Bitcoin’s movement below $61,000 cleared out a substantial share of leveraged long positions clustered near $61,500. CoinGlass data indicates that over $125 million in long positions were liquidated within the last hour, easing immediate downside liquidation pressure around the current price.
With most nearby long leverage flushed out, short positions piled up above the spot price became more prominent on the liquidation map. About $1.2 billion in shorts are concentrated around $63,500. If the remaining buy liquidity between $60,500 and $61,000 continues to hold, market focus may soon shift toward this zone.
The next major liquidation risk lies near $65,000, where over $2.4 billion in short positions remain vulnerable. Historically, such build-ups can trigger sharp price movements when liquidations cascade into forced buying. For now, the most significant liquidity accumulation remains near the $60,500 level.
The post Bitcoin fell 3% in 24 hours to below $61,000, with $1.2 billion in short positions accumulating near $63,500 appeared first on COINTURK NEWS.
