Bitcoin remained close to a critical support zone on Wednesday, June 24, 2026, with markets displaying weak weekly momentum amid rising trading activity and attention focused on potential liquidation areas. In the short term, the asset’s direction remained uncertain as investors searched for clear signals.
Short-term support and resistance take center stage
At the time of reporting, Bitcoin was trading at $62,819, showing a slight 0.36% increase over the previous 24 hours. Trading volume surged by 15.16% to reach $29.35 billion, yet over the past week, Bitcoin posted a 4.3% decline, reflecting a lackluster trend.
According to crypto analyst TARA, Bitcoin could be forming a downward wave pattern. In this scenario, the $57,500 level emerges as an initial target, and if selling pressure intensifies, $54,500 could become the next focal point. TARA is known for analyzing market movements using the Elliott wave approach.
The analysis emphasized that Bitcoin might first retest the $64,400 area, but any reversal from this level could push prices down toward $58,400, forming a new low.
This scenario, according to TARA, would further support the broader move toward $54,500. At the same time, she noted that Fibonacci levels used in her projections are not set in stone and could shift with price developments.
Another analyst account, More Crypto Online, also maintains a cautious stance in the short run. The current price structure does not yet provide strong confirmation of a renewed bullish trend, as corrective movement remains dominant.
$60,000 to $61,000 range seen as crucial for buyers
Their analysis points to the main support cluster being situated between $60,000 and $61,000. Buyers need to mount a decisive response in this region; otherwise, the risk of further downside pressure remains high.
If support holds, the prospect of a stronger second-wave upward reaction cannot be ruled out. Still, this would require a clearer and sustained upward structure, underlining the importance of persistent buying activity for a meaningful rebound.
Bitcoin has already surpassed its initial resistance at $62,457, with the next resistance marked at $63,053. For short-term momentum to gain traction, analysts highlight the need for buyers to establish themselves convincingly above this second level.
Liquidation map highlights $67,500 to $68,500 as key zone
According to Binance’s liquidation heatmap, substantial liquidity is clustering above current prices. Since dropping from around $77,000 on May 24 to roughly $59,500 by June 6, Bitcoin has mostly traded within the $60,000–$66,500 band.
The largest liquidation cluster appears between $67,500 and $68,500, with additional liquidity concentrated around $70,000, $73,000, and $75,000. Analysts suggest that if Bitcoin overcomes near-term resistance, these zones could become upward targets.
Liquidity to the downside is more limited, though clear support remains near $61,000 and $60,000. Should the price dip below $62,000, a retest of this area is likely.
Overall, Bitcoin continues to move within a defined range, with analysts warning that downside risk has not yet disappeared. For now, the market remains cautious as traders await evidence of a stronger upward structure to emerge.
