Bitcoin’s rebound ran out of momentum before reaching the $67,500 to $70,500 daily value gap. Selling pressure rebuilt around the 50-day and 100-day exponential moving averages, keeping those levels in place as firm resistance. On the 4-hour chart, BTC has broken below a rising channel, pointing to a weaker technical structure. The first nearby support now sits around $60,700, with the yearly low at $59,000 directly below it.
Heavy liquidity below $60,000 raises liquidation risk
Liquidation data highlights why this zone matters. Nearly $4 billion in cumulative leveraged long positions is stacked just above $59,000. If Bitcoin slides back into that area, forced liquidations and the unwind of late long positioning could accelerate the move. On the upside, the next major liquidity pocket is near $68,000, where more than $4.75 billion in cumulative positions is concentrated.
Crypto analyst Killa said Bitcoin could reverse after moving toward the liquidity pool below $60,000 without fully absorbing it. In that view, price often moves away from the levels attracting the most market attention. The relative strength index is also hovering close to oversold territory. If BTC revisits its yearly low, the RSI could fall below 30, a signal that has often been followed by sharp rebounds once liquidation pressure clears.
Bitcoin exchange inflows fall to the lowest level since April 4
Separate data shared by CryptoQuant analyst Amr Taha showed that mid-sized Bitcoin investors sharply reduced transfers to exchanges as of June 19. About 3,500 BTC moved into Binance, 3,000 BTC went to Coinbase, and Coinbase Prime received roughly 1,700 BTC. According to the report, that marked the lowest daily inflow level since April 4.
Transfers to exchanges are commonly watched as a sign of possible selling intent. Lower inflows suggest fewer coins are being positioned for near-term sales, which may indicate easing immediate sell pressure. Still, the data does not show fresh buying demand on its own. It mainly shows that while Bitcoin was trading near $62,000, mid-sized holders slowed the pace of exchange deposits.
Short-term tone stays cautious heading into month-end
Bitcoin is testing a large liquidity zone near its yearly low, and exchange-side selling pressure appears to be moderating. That has not removed caution from the short-term outlook. Some traders argue that bearish sentiment may have become too heavy. BTC trader LP said a bottoming process could start taking shape as June draws to a close, with volatility likely to remain in focus near month-end.