Bitcoin price continued its course close to the critical support zone on Wednesday, June 24, 2026. While the weekly weak outlook, increased transaction activity and possible liquidation zones were observed in the market, the search for short-term direction came to the fore.
Support and resistance levels stand out in the short term
Bitcoin was traded at $62,819 at the time of writing. The asset rose 0.36% in the last 24 hours, while trading volume increased 15.16% to $29.35 billion. In contrast, the last 7-day performance indicated a 4.3% decrease.
Cryptocurrency analyst TARA states that a downward wave structure can be observed in Bitcoin. According to this evaluation, the $57,500 level comes to the fore in the first stage, while the $54,500 level stands out as the next target if the selling pressure continues. TARA is known as an analyst who studies market movements with the Elliott wave approach.
In the analysis, it was emphasized that Bitcoin could first retest around $64,400, but a possible return from this region could push the price to $58,400 and create a new bottom.
According to the analyst, this scenario may support the $54,500 directional structure on a broader scale. However, it was also specifically stated that the Fibonacci levels used are not exact, but projections that may change depending on price movement.
Another analysis account, More Crypto Online, also maintains its cautious stance in the short term. In the evaluation, it was stated that the current price structure does not seem strong enough to confirm the resumption of the upward trend, and the correction-prone structure is still valid.
The $60,000 to $61,000 range is seen as critical for buyers
According to this analysis, the main support cluster is located between $60,000 and $61,000. Buyers need to show a significant reaction in this region. Otherwise, it seems possible that downward pressure will continue.
On the other hand, if the support is maintained, the possibility of a larger second wave reaction rise may remain on the table. However, it was noted that for this to happen, the price must create a clearer and stronger structure in the upward direction, and it is especially important for the purchases to become permanent.
It was stated that Bitcoin rose above the first resistance level at $62,457, and the next resistance is $63,053. It is considered that for the short-term momentum to continue, buyers must clearly settle above this second level.
The band between $67,500 and $68,500 stands out on the liquidation map
Binance liquidation heatmap data showed heavy liquidity building above the price. Bitcoin traded largely in the $60,000 to $66,500 range after falling from around $77,000 on May 24 to around $59,500 on June 6.
It was observed that the largest liquidation zone occurred in the $67,500 to $68,500 band. Additionally, additional liquidity clusters were noted at the $70,000, $73,000 and $75,000 levels. According to analysts, if close resistances are overcome, these levels may turn into upward target areas.
Although liquidity remains more limited on the downside, there are clear support areas around $61,000 and $60,000. If the price falls below $62,000, a retest of this zone is likely.
While the general outlook continues for Bitcoin, analysts point out that the downside risk has not completely disappeared. The current picture is being watched cautiously until a stronger upward structure is formed.
