Bitcoin traded at $62,819 at press time, up 0.36% in the past 24 hours with a 15.16% surge in trading volume to $29.35 billion. However, the weekly performance shows a 4.3% decline, reflecting a lackluster market tone. Analysts are closely watching the $60,000 to $61,000 range as the most critical buyer defense line.
$60K-$61K: The Line Between Bulls and Bears
Analyst account More Crypto Online maintains a cautious short-term view, saying the current price structure lacks strong confirmation of a renewed bullish trend and corrective movement remains dominant. The main support cluster sits between $60,000 and $61,000. Buyers must mount a decisive response there; otherwise, downside risk stays high. If support holds, a stronger second-wave upward reaction cannot be ruled out, but a clear and sustained upward structure is needed.
Bitcoin has already breached initial resistance at $62,457, with the next level at $63,053. For short-term momentum to gain traction, analysts emphasize that buyers must establish themselves convincingly above the second resistance.
TARA: Wave Pattern Points to $57,500 Target
Elliott wave analyst TARA suggests Bitcoin may be forming a downward wave pattern, with an initial target at $57,500. If selling pressure intensifies, $54,500 could become the next focus. TARA noted Bitcoin might first retest the $64,400 area, but any reversal from there could push prices down to $58,400, creating a fresh low that supports the broader move toward $54,500. She stressed that Fibonacci levels used in her projections are not fixed and may shift with price developments.
Liquidation Heatmap: $67,500-$68,500 Zone Accumulates Heavy Liquidity
According to Binance's liquidation heatmap, substantial liquidity has clustered above current prices. Since dropping from around $77,000 on May 24 to roughly $59,500 by June 6, Bitcoin has mostly traded within the $60,000-$66,500 band. The largest liquidation cluster appears between $67,500 and $68,500, with additional liquidity around $70,000, $73,000, and $75,000. If Bitcoin overcomes near-term resistance, these zones could become upside targets. Downside liquidity is more limited, but clear support remains near $61,000 and $60,000. Should the price dip below $62,000, a retest of this area is likely.
Overall, Bitcoin continues to move within a defined range, with analysts warning that downside risk has not yet disappeared. The market remains cautious as traders wait for evidence of a stronger upward structure.