Bitcoin has slid below $61,000, bringing the $60,500 to $60,000 range into focus as a key short-term battleground.

On June 24, blockchain media outlet Cointelegraph reported that spot buy orders waiting in that zone overlap with derivatives liquidation risk, raising the chances it will determine the near-term direction.

Bitcoin dipped below $61,000 and entered a zone with a thick layer of buying liquidity. Initially, buy orders worth $525 million formed between $60,500 and $61,500. Order-book data show liquidity concentrated below $60,500 and near $60,000, suggesting the near-term price path may develop around those levels.

A bearish engulfing candle also appeared, wiping out Monday's gains. Bitcoin then moved sideways below $63,000. On the hourly chart, it faced resistance near $66,000 early this week and has continued to form lower highs. The relative strength index (RSI) has cooled from recent overbought levels, but the price remains above the June low area of $60,500.

Market participants are watching whether lower liquidity will be tested. Trader Lennart Snyder (렌나르트 스나이더) said, "Bitcoin started a little bounce, but I'm not convinced and not buying in yet." He pointed to $61,500 and $60,500 as key levels to confirm a bullish response. On the upside, $63,500 and $64,000 were cited as zones that could draw liquidity.

Some of the waiting buy orders have already been filled. Velo data show traders had built buying liquidity of 8,366 BTC between $61,500 and $60,500. As Bitcoin fell below $61,000, a large portion was executed, triggering buy orders worth about $270 million. Remaining orders are concentrated at the lower end of the liquidity cluster, and attempts are continuing to absorb selling pressure at that price level.

In derivatives markets, long-position liquidations appeared first and were large. Coinglass data show more than $125 million in long positions were liquidated over the past hour. With much of the leveraged longs clustered near $61,500 cleared out, downside liquidation pressure near the current price has eased somewhat.

Attention is therefore shifting back to short positions on the upside. Shorts worth more than $1.2 billion are positioned around $63,500 above the spot price. If remaining buy liquidity between $60,500 and $61,000 supports the price, short liquidations in that area could emerge as the next variable.

Above that, $65,000 was presented as a bigger inflection point. More than $2.4 billion in short positions face liquidation risk at that level. In this kind of structure, short liquidations often spur additional buying and can move prices quickly. The biggest liquidity remains concentrated near $60,500, however, suggesting the market may first need to see how much selling pressure lower-end demand can absorb in the near term.

$BTC is preparing the next directional move. Yesterday was dead due to a volatile Asia session, and todays Asia barely moved. So hopefully we'll get the move in London/NY today. Bitcoin started a little bounce, but I'm not convinced and not buying in yet. For longs I want to… pic.twitter.com/ApfKQb8gRr