Bitcoin risks deeper drop as traders target $61,000 support

Bitcoin remained under pressure below $65,000 on Friday, with analysis from leading traders highlighting a growing risk of further downside as the cryptocurrency struggled to regain upward momentum. Technical signals pointed to the $60,500-$62,200 region as a key area that could determine whether BTC stabilizes or faces a sharper move lower.

Tokenized Stock

ETH

SOL

BSC

ROBINHOOD

PAY

USDT

↓

RECEIVE

AAPL

Find Best Price

Liquidity clusters highlight downside risk

Trader Kaz, an independent technical analyst active in the crypto market, observed that Bitcoin is currently locked between the $63,000 and $65,000 levels. According to his liquidity heatmap, there is a significant build-up of resting orders below the current price, causing $62,200 to emerge as a crucial threshold.

Kaz noted that as of Friday, BTC hovered near $63,500, having repeatedly failed to break above $65,000. He described the price action as volatile but generally favoring sellers, since liquidity—comprised mainly of stop-loss orders and dormant bids—continues to increase under the $62,200 mark.

Liquidity clusters at equal low points can create attractive targets in volatile trading environments, as price movement toward these zones often triggers stop orders and deeper sell-offs. Kaz’s heatmap confirmed that substantial liquidity bands now appear between $62,000 and $61,000, adding weight to the view that these levels may be tested if selling intensifies.

Kaz expects that if BTC sweeps the $62,200 zone, price could extend downward toward $61,000, which he considers a key point of interest for long setups on higher time frames and a major liquidity zone.

While these levels present clear downside targets, Kaz cautioned that a retest of resistance at $65,000 remains possible in the short term. He believes any brief rebound would likely offer bears another opportunity to reclaim control if sellers block a sustained move higher.

Traders are watching for confirmation at the range boundaries. A strong rejection below $65,000 would keep the bearish scenario in play, increasing risk of a further slide through $62,200 and on to $61,000. By contrast, a robust breakout over $65,000 resistance would undermine the downside outlook and suggest renewed upward momentum.

For now, the structure suggests caution on the upside. The concentration of liquidity below $62,200 points to an ongoing threat of accelerated losses, making the $62,200-$61,000 range the main area for traders to monitor.

Momentum weakens as $61,000 comes into focus

Bitcoin’s daily momentum has faded as the cryptocurrency continues to struggle below the $65,000 mark. Technical analyst Ted observed that the loss of momentum increased the possibility of an additional pullback before a bullish reversal attempt can materialize.

The digital asset traded near $63,100 on Friday, extending a period of range-bound activity following a sharp drop earlier in June. Despite attempts to reclaim higher ground, BTC failed to sustain moves above $65,000, while traditional assets like stocks and metals showed stronger performance in recent sessions.

Ted highlighted $65,000 as the primary short-term resistance, noting that Bitcoin’s inability to close above this level was a sign of technical weakness. Meanwhile, the daily MACD—a widely used momentum indicator—has flattened near its center line, with the histogram moving into negative territory, signaling bullish fatigue.

If Bitcoin remains limited below $65,000, Ted believes there is potential for a decline toward $60,500-$61,000. This zone sits near the lower end of recent trading activity and could become vital for buyers seeking to initiate a rebound.

Ted suggests a stronger reversal thesis would be supported if BTC first drops to $61,000 and then shows clear signs of renewed buying, especially if the momentum indicators turn upward.

However, a decisive move back above $65,000 would boost the prospects for buyers, challenging the immediate downside thesis and shifting the focus to higher resistance levels.

For now, Bitcoin remains trapped between weakening momentum and significant resistance, while technical signals continue to point toward the $60,500-$61,000 region as a likely battleground for the next major price move.

Mini dictionary: MACD (Moving Average Convergence Divergence) is a technical indicator that shows trend direction and momentum by comparing short-term and long-term moving averages. It is widely used by traders to identify possible buy or sell signals based on crossovers and divergence patterns.