Will Bitcoin Bulls Step In at $60,500 or Is Another Leg Down Coming?

Bitcoin has fallen over 3.5% in the past 24 hours, slipping below $60,000 and landing right in the middle of one of the densest buy zones on the orderbook. More than $525 million in buy bids were stacked between $59,500 and $61,500 and BTC has already chewed through a big chunk of that range.

Tuesday’s close at $62,700 was the lowest daily candle since June 10 and came with a bearish engulfing pattern that wiped out Monday’s gains entirely. Since then price has struggled to hold $63,000 and has been posting lower highs on the hourly chart after getting rejected near $66,000 earlier this week.

What Traders Are Watching Right Now

Data shows traders added around 8,366 BTC in bid liquidity between $60,500 and $61,500. With BTC breaking below $61,000, roughly $270 million of those buy orders have already been triggered. The remaining bids are sitting near the bottom of the cluster trying to absorb the selling.

Liquidations Are Piling Up — And the Setup Is Shifting

Over $125 million in long liquidations hit in the past hour alone, which has actually cleared out a lot of the downside pressure near current levels. The liquidation map is now showing a bigger imbalance on the short side.

More than $1.2 billion in short positions are sitting near $63,500. If buy demand around $60,500 holds and price stabilizes, those shorts become the next target. Above that, over $2.4 billion in short positions are clustered near $65,000 — a level that could trigger a fast move higher if liquidations start cascading.

For now the real fight is happening right here between $60,500 and $61,000, where both spot buyers and leveraged traders are making their stand.