Bitcoin failed to hold the critical $65,000 support, allowing bears to tighten their grip on the market. At press time, BTC traded at $63,983, down 1.05% in 24 hours. Early gains that pushed prices toward $66,000 were fully reversed after sellers stepped in.
Technical Breakdown After $65K Daily Close Failure
Analyst Crypto Candy highlighted the bearish setup: Bitcoin closed below the $65K area on the daily chart, a level that had acted as strong buyer defense for months. Previous pullbacks consistently found demand near that zone, but this time selling pressure overwhelmed support. The breakdown shifts the technical outlook; former support now becomes resistance, and bulls must reclaim it convincingly to restore confidence.
The chart shows a pattern of lower highs and lower lows since spring peaks. The next major downside target sits near $60,021, a notable demand area. A break below that could open the door to $54,837, another key support zone identified by traders.
Liquidations Surpass $436M in 24 Hours, Longs Bear Brunt
Volatility triggered a wave of forced closures. Total market liquidations reached $436 million in the past 24 hours, affecting over 110,000 traders. Long liquidations accounted for $306.88 million, while shorts saw $129.2 million wiped out. The single largest liquidation occurred on Hyperliquid's BTC-USD market. Within 12 hours, liquidations exceeded $110 million.
Trading volume surged more than 25% to $31.43 billion for Bitcoin alone. The liquidation heatmap shows $1.15 million in BTC alone, with significant contributions from altcoins. Leverage is being aggressively squeezed across the board.
Near‑Term Outlook: Resistance vs. Support
Technically, Bitcoin needs a daily close above $65K to neutralize the bearish structure. Crypto Candy mentioned a possible relief bounce, but no confirmation exists yet. Below, $60K is the immediate defense line for bulls; a loss would likely accelerate declines toward $54,837. Traders are closely watching these levels for signs of renewed demand or further breakdown.
With liquidations still elevated and sentiment cautious, the short‑term path of least resistance appears lower. Resistance clusters at $65K, while support sits at $60K and $54,837. Until bulls stage a convincing recovery, bears remain in control.