Bitcoin slides to $60K; $530M buy bids triggered

On Tuesday Bitcoin fell below $61,000 to roughly $60,000, triggering about $530 million of buy bids stacked between $60,500 and $61,500. Data from orderbook tracking firm Velo shows traders added 8,366 BTC to bids in that range. About $270 million of those bids were executed as price moved through the band.

A liquidation tracker, CoinGlass, recorded more than $125 million in long liquidations in a short window, removing a material amount of nearby long-side leverage.

Bitcoin closed the day at $62,700, its lowest daily close since June 10, and the session produced a bearish engulfing candle against the prior day’s range. The price has since traded below $63,000 and formed several lower highs after a rejection near $66,000. The relative strength index fell from recent overbought readings.

Liquidation maps show more than $1.2 billion in short positions clustered around $63,500 and over $2.4 billion of short exposure near $65,000. The largest remaining bid liquidity is concentrated near the lower end of the $60,500–$61,500 band.

Trader Lennaert Snyder wrote in a market update that he was waiting for further confirmation before adding long exposure, calling $61,500 and $60,500 the primary levels to watch and $63,500 and $64,000 potential upside liquidity targets.

Market participants are watching the $60,500–$61,500 band to see whether remaining buy orders can absorb further selling or if lower bids will be cleared.