Analyzing $BTC On June 23, $BTC hit a low of $61,990, then temporarily stabilized around $62,000. With ETFs continuing to flow out, risk assets generally weakening, and concentrated liquidations in the derivatives market, short-term selling pressure has noticeably increased. Data shows that over the past 24 hours, the crypto market saw liquidation amounts exceeding $600 million, most of which were long positions. Meanwhile, Coinbase's premium remains negative, indicating weaker buying interest in the U.S. market. The U.S. spot Bitcoin ETF has also entered one of its longest net outflow periods this year, weakening a key support force in the spot market. Against the backdrop of declining external risk appetite, Bitcoin is under more significant pressure. The market is currently focused on the $60,000 to $60,600 range. This zone is the most critical short-term support recently, and if it breaks, the June low of around $59,000 will face another test. Above $63,000 to $65,000, there’s a concentration of leveraged positions, while $61,500 and $60,000 also have clear liquidation clusters. If the price continues to approach these levels, volatility could further intensify. From a technical perspective, Bitcoin’s short-term trend weakened after breaking below approximately $63,000. Based on common calculations, the next target is roughly around $57,500. If the price regains $63,000, the short positions near $65,000 could face pressure for a squeeze.