Bitcoin fell 3% over the past 24 hours, dropping below $61,000 as traders focused on a few dense liquidity zones shaping the short-term move. Order book data points to concentrated liquidity just below $60,500 and around $65,000, while CoinGlass liquidation data shows a large cluster of bearish leverage overhead, including roughly $1.2 billion in short positions near $63,500.
$60,500 and $61,500 emerge as the key support area
Bitcoin closed Tuesday at $62,700, its lowest daily close since June 10. That move erased the prior day’s price action and formed a bearish engulfing candlestick on the daily chart, a signal that short-term momentum had weakened. After that, the price moved sideways below $63,000. On the hourly chart, lower highs followed the rejection near $66,000 earlier in the week, while the RSI retreated from overbought territory.
Investor Lennaert Snyder said the chance of a stronger upward reaction depends on how Bitcoin behaves around $61,500 and $60,500. He also identified $63,500 to $64,000 as a higher liquidity band that could draw price if momentum starts to turn higher.
Part of the buy-side liquidity has already been filled
According to Velo data, traders had initially placed 8,366 BTC in buy-side liquidity between $61,500 and $60,500. As Bitcoin slipped under $61,000, a meaningful share of that demand was triggered, with around $270 million in buy orders executed inside the range. The remaining bids now sit closer to the lower edge of the cluster, where buyers are trying to absorb the latest wave of selling.
After long liquidations, short exposure stands out above spot
Bitcoin’s move below $61,000 wiped out a substantial amount of leveraged long exposure that had been gathered near $61,500. CoinGlass data shows more than $125 million in long positions were liquidated in the last hour, reducing immediate downside liquidation pressure near the current price.
With nearby long leverage largely cleared, short positions above spot now dominate the liquidation map. About $1.2 billion in shorts are concentrated around $63,500. The next major liquidation zone sits near $65,000, where more than $2.4 billion in short positions remain exposed. The article notes that similar buildups have historically led to fast price swings once liquidations start forcing traders to buy back positions. For now, the largest liquidity accumulation still sits near $60,500.