Bitcoin’s immediate trend hangs on defense of the $60,587 level, according to technical and on-chain analysis shared by Ali Martinez. The warning follows a breakdown below the closely watched $63,500 support, noted separately by trader The Martini Guy, leaving the market in a delicate position between heavy volume clusters and overhead liquidity.
Martinez highlighted that on-chain data shows over 1.3 million BTC changed hands in the $60,000–$63,000 range, making it one of the largest volume clusters for Bitcoin. “The $60,587 level must be maintained as short-term support,” he stressed, adding that daily closes will reveal whether buyers can defend this volume block. A failure to hold this floor could see the next significant demand zone at $46,702, where approximately 150,000 BTC are trading. Further below, the $37,867 level marks an area where 207,000 BTC have transacted.
The path to these lower supports opened after Bitcoin lost $63,500—an area that had repeatedly attracted buyers in prior dips. The Martini Guy noted that this breakdown changes the near-term tone, as a level that was treated as reliable support may now morph into resistance if a reclaim attempt fails. Complicating the picture, a liquidation heatmap from the same analyst showed a significant liquidity pocket building between roughly $65,500 and $66,500—above the current price. Such liquidity can act as a magnet for short squeezes or relief rallies, creating a tug-of-war between the bearish support break and the potential upside sweep.
On Ethereum, Martinez observed that ETH is trading below its 200-hour simple moving average. Unless the asset regains that level, the next important target to watch is $1,580. The broader setup suggests traders are now weighing a failed defense of a critical floor against the possibility of a liquidity-fueled bounce, with confirmation still dependent on price action and volume.
