Bitcoin crash to $60K opens new $530M demand zone: Will bulls buy in?
Bitcoin fell 3% in 24 hours after dropping below $61,000, moving into a dense buy-side liquidity zone. Price briefly traded through a large cluster of bids between $60,500 and $61,500, where more than $500 million in buy orders had been stacked. BTC closed at $62,700, its lowest daily close since June 10, and formed a bearish engulfing candle that signals weakening short-term momentum. Bitcoin has lost $63,000 as support and is making lower highs after rejection near $66,000. RSI has cooled from overbought levels, while the June range low near $60,500 remains a key support area. More than $125 million in long liquidations have already been flushed, reducing nearby downside leverage. The market now shows heavier short positioning above spot, including more than $1.2 billion near $63,500 and $2.4 billion near $65,000. If price stabilizes around $60,500-$61,000, those short liquidations could become the next upside magnet.
