Bitcoin's Price Action Favors Sellers as $61K Sweep Looms

Bitcoin's recent price action has been characterized by weakening momentum and heavy liquidity beneath the market. According to a technical setup, two key areas of focus are the $60,500-$62,200 region and the $61,000 zone.

Trader Kaz argues that the broader structure still favors sellers, citing a notable concentration of resting orders below the current range. The heatmap shows stronger liquidity bands below the market, particularly around $62,000 and extending toward the $61,000 area.

Kaz sees a possible sweep of $62,200 as the next significant downside event, which could lead to a move toward $61,000. However, the bearish move may not happen immediately, with a possible rebound toward the $65,000 order-block area before another decline.