Bitcoin fell by 3% in the last 24 hours, falling below $ 61,000, and a liquidity-oriented view came to the fore in short-term transactions. While more than 525 million dollars of purchase orders were initially accumulated in the range of 60,500 to 61,500 dollars, the risk of both upward and downward liquidation in the market increased as the price sank into this region.
Liquidity zones determine short-term direction search
Order book data shows that there are dense liquidity clusters below $60,500 and around $65,000. This chart indicates that liquidity flows have become decisive in Bitcoin’s short-term price movement.
Bitcoin finished Tuesday at $62,700. This level was the lowest daily closing since June 10. At the same time, a bearish engulfing candle formation formed, completely erasing Monday’s price range. This structure was among the technical signals indicating a weakening in short-term momentum.
The price then traded sideways below $63,000. On the hourly chart, lower highs were formed following the rejection near $66,000 earlier in the week. The RSI, the relative strength index, has retreated from the recent overbought area. However, Bitcoin remains above the June band low of $60,500.
Mini dictionary: RSI is a momentum indicator that measures the speed and strength of price movement. Generally, high levels indicate overbought and low levels indicate oversold.
Lennaert Snyder states that there was a short-term reaction in Bitcoin, but he is not convinced yet, so he has not opened a buy position at this stage.
The monitored levels were gathered in the range of $ 60,500 and $ 61,500
Cryptocurrency investor Lennaert Snyder states that the $61,500 and $60,500 levels should be watched to understand whether an upward reaction will gain strength. Above, he notes that the $63,500 and $64,000 range stands out as liquidity zones that can attract the price.
According to Velo data, investors initially added 8,366 BTC to the buy-side liquidity between $61,500 and $60,500. A significant portion of this range was traded as Bitcoin broke below $61,000, triggering approximately $270 million in buy orders.
The remaining buy orders are located in the lower part of the liquidity cluster. It seems that investors in this region are trying to absorb the latest sales wave.
Short positions came to the fore on the liquidation map
The move below $61,000 liquidated a significant portion of leveraged long positions clustered around $61,500. According to CoinGlass data, over $125 million long positions were closed in the last hour. Thus, the downward liquidation pressure around the current price has decreased.
Once the nearby long leverage was cleared, short positions accumulated above the spot price became more visible on the liquidation map. Accordingly, there is a short position of more than $1.2 billion around $63,500. If the purchasing liquidity between 60,500 and 61,000 dollars is maintained, the market’s attention may shift to this region.
The next major liquidation risk lies around $65,000. At this level, short positions over $2.4 billion remain fragile. Such clusters in the market can sometimes lead to sharp and rapid price movements as liquidations trigger additional purchases. For now, the most intense liquidity accumulation remains around $60,500.
