Bitcoin is holding a critical support zone after sweeping the $60,000 low, but the rebound still faces a major test near $65,000–$66,000. Analysts say the next move depends on whether bulls can clear upside liquidity or lose momentum and revisit the $58,000–$60,000 area.
Bitcoin Holds Critical Support After Sweeping $60K Low, Analyst Says
Bitcoin bulls successfully defended a major long-term support level after the recent sell-off pushed the price below the February low near $60,000.
Bitcoin / U.S. Dollar Weekly Chart. Source: Daan Crypto Trades (@DaanCrypto), TradingView
According to crypto analyst Daan Crypto Trades, Bitcoin swept the February low before rebounding and holding above both the weekly 200-day moving average (200MA) and the weekly 200 exponential moving average (200EMA). Historically, these levels have acted as important support zones during bull market corrections.
The chart highlights Bitcoin trading near $63,200, while the weekly 200MA sits around $62,000 and the weekly 200EMA near $68,800. The recent bounce suggests buyers remain active at these long-term trend indicators.
However, the analyst warns that Bitcoin must continue holding this area to maintain its bullish structure. A decisive break below the weekly 200MA could increase downside risk and expose the next major high-timeframe support zone between $48,000 and $50,000.
For now, Bitcoin remains above a key technical level, but traders are closely watching whether bulls can build momentum following the recent recovery.
Bitcoin Faces Key Test Between $64K and $66K as Liquidity Clusters Build
Bitcoin is rebounding from a major demand zone near $61,000, but traders remain divided on whether the recovery can continue. According to crypto analyst Kaz, the next move may depend on how price reacts to heavy liquidity clusters above and below current levels.
Bitcoin Liquidity Heatmap. Source: Kaz (@XBTkaz),Coinglass
The analyst notes that Bitcoin recently bounced from the $61,000 demand zone and is now targeting liquidity resting around $65,000–$66,000. This area represents his preferred take-profit zone for a long position, although he may reduce exposure earlier near $64,000 if market internals fail to turn bullish.
The liquidity heatmap shows significant liquidity pools on both sides of the market. On the upside, a dense concentration of liquidity sits between $65,000 and $66,000, while another major cluster remains below current price action in the $58,000–$60,000 region.
Kaz also highlights upcoming U.S. CPI data and a market pivot date on June 10 as potential catalysts for increased volatility. Historically, markets sometimes reverse after moving aggressively into major economic events, raising the possibility of another move lower before a sustained recovery develops.
For now, Bitcoin remains caught between competing liquidity zones, with traders watching whether bulls can push toward $65,000–$66,000 or if sellers regain control and drive price back toward the $58,000–$60,000 support area.
