Written by Biraajmaan Tamulystaff writerReviewed by Ray Salmondstaff editor

Written by Biraajmaan Tamulystaff writer

Reviewed by Ray Salmondstaff editor

Bitcoin crash to $60K opens new $530M demand zone: Will bulls buy in?

MarketsPublishedJun 24, 2026

A $525 million Bitcoin buy wall intersects with a major liquidation zone, creating a key battleground between $60,500 and $65,000.

Bitcoin (BTC) has fallen 3% over the past 24 hours, trading into a dense buy-side liquidity zone after slipping below $61,000. More than $525 million in buy bids initially stacked between $60,500 and $61,500 created a key area of demand as liquidation risk builds on both sides of the market.

BTC’s orderbook data shows concentrated liquidity pockets below $60,500 and near $65,000, placing liquidity flows at the center of Bitcoin’s short-term price action.

Bitcoin momentum weakens below $63,000

Bitcoin closed at $62,700 on Tuesday, its lowest daily candle close since June 10. The move also produced a bearish engulfing candle against Monday’s range, erasing the prior day’s gains and signaling weaker short-term momentum.

BTC/USDT, one-day chart. Source: Cointelegraph/TradingView

The price has since consolidated beneath $63,000 after losing that level as support. The one-hour chart shows a series of lower highs following the rejection near $66,000 earlier this week. The momentum indicator, or relative strength index (RSI), has cooled from recent overbought levels, while Bitcoin continues to trade above the June range low near $60,500.

BTC/USD, one-hour chart. Source: Cointelegraph/TradingView

Crypto trader Lennaert Snyder called for caution and expected BTC to test the lower liquidity before considering long exposure. The trader stated, 

“Bitcoin started a little bounce, but I’m not convinced and not buying in yet,” Snyder wrote in a recent market update.

The trader identified $61,500 and $60,500 as the primary levels to watch for bullish reactions. On the upside, he pointed to $63,500 and $64,000 as potential areas where liquidity could attract price before another move lower.

Related: Multi-year Bitcoin holder selling falls to 19-month low as halving model flags new market bottom date

$530 million in BTC buy bids sit below $61,000

Data from Velo shows that BTC traders initially added 8,366 BTC to bid liquidity between $61,500 and $60,500. At the time of writing, Bitcoin has traded through a notable portion of that range, triggering roughly $270 million worth of buy orders as the price dipped below $61,000.

The remaining bids remain near the lower end of the liquidity cluster, where traders are attempting to absorb the latest wave of selling pressure.

BTC buy bids analysis. Source: Velo Chart

The move below $61,000 has already flushed a notable portion of the leveraged long positions clustered around $61,500. CoinGlass data shows more than $125 million in long liquidations over the past hour, reducing downside liquidation pressure near the current price.

With much of the nearby long-side leverage cleared out, the liquidation map now shows a growing imbalance toward short positions positioned above spot price.

Now, more than $1.2 billion in short positions sit near $63,500. A stabilization in the remaining bid liquidity around $60,500-$61,000 may shift attention toward those positions, especially as the downside liquidation pools become less concentrated following the latest flush.

Bitcoin liquidation map. Source: CoinGlass

The next major concentration of liquidation risk sits near $65,000, where more than $2.4 billion in short positions are vulnerable. Such setups often trigger fast moves as liquidations fuel additional buying. For now, the largest liquidity concentrations remain near $60,500, where both spot demand and leveraged exposure remain heavily stacked.

Related: BTC price four-year trend calls for $76K as analysis says Bitcoin ‘not broken’

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

• Markets
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