Bitcoin breaks below $60k, with $530 million in buy orders and a liquidation wall creating a battlefield between $60,500 and $65,000. But this time, whether longs enter the market is no longer a simple price game.

In the past 24 hours, total liquidations across the entire market reached $606 million, with longs accounting for $542 million. ETF capital continues to flow out, defensive positions in the options market are piling up, and the pressure from loss realization persists. However, on-chain data shows divergence: the cost basis for short-term holders is $74,800, far above the current price, but some whales and institutions have started selectively accumulating.

21Shares pointed out that Bitcoin has not yet broken its four-year cycle, suggesting that historical bottom signals may be invalid. Meanwhile, sectors like AI trading and memory chips continue to absorb capital, and the liquidity structure of the crypto market is being redistributed.

The risk lies in the $530 million demand zone: if it is breached, it could trigger a more severe chain of liquidations. The current market relies more on structural capital rebalancing rather than a simple FOMO bounce.

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