Over $600M in Bitcoin Longs Liquidated as BTC Price Nears $60K
Bitcoin’s drop toward $60,000 triggered more than $617 million in long liquidations, even as price rebounded to around $64,690.
Intelligence analysis by GPT-5.4 Mini
Bitcoin’s slide near $60,000 wiped out heavily leveraged long bets, with over $737 million in BTC positions liquidated in 24 hours. The rebound has some traders calling for a move back toward $69,000-$70,000, while the weekly chart still leaves room for a deeper drop.
Bitcoin fell fast, and lots of traders who borrowed money to bet on it going up got forced out, like a crowded stack of dominoes tipping over. Now the price has bounced, but some people think it may keep climbing while others think it could fall again.
Analysis
What happened
Bitcoin briefly fell to about $61,300 before recovering 5.52% to around $64,690. That move followed a sharp flush in leveraged positions: CoinGlass data cited in the article shows more than $737 million in BTC liquidations over 24 hours, including over $617 million in long positions.
Why traders are watching the bounce
The article says the rebound encouraged some traders to argue that the sell-off may have cleared out near-term excess leverage. One trader, RidaaXBT, said BTC could bounce toward the $69,000-$70,000 range. Another analyst, ZordXBT, pointed to the long downside wick as evidence that buyers stepped in near the lows.
The bearish case is still alive
The weekly chart still shows what the article calls a bear flag breakdown in progress, which leaves a deeper move toward the $50,000-$52,000 area on the table. The setup is based on BTC failing to reclaim the upper trend line of the flag while volume increased on the downside.
Key support to watch
The article says the bearish scenario is not confirmed as long as BTC stays above its 200-week simple moving average near $61,800. That level is described as a major cycle-bottom zone in prior bear markets, including 2015, 2018 and 2020. A strong rebound from that area could weaken or invalidate the bearish setup and reopen the path to $70,000.
Key points
- Bitcoin’s dip toward $60,000 triggered more than $617 million in long liquidations.
- CoinGlass data cited in the article shows over $737 million in BTC positions were liquidated in 24 hours.
- Some traders see the move as a relief bounce that could extend toward $69,000-$70,000.
- The weekly chart still points to a bear flag breakdown and a possible move toward $50,000-$52,000.
- BTC is being watched closely around its 200-week simple moving average near $61,800.
If Bitcoin holds above its 200-week simple moving average near $61,800, the bearish setup could weaken. That would support the idea that the liquidation flush cleared out weak bullish bets and opened the door to a move toward $70,000.
If the bear flag breakdown stays intact, the article says BTC could slide toward the $50,000-$52,000 zone. The rebound may also prove temporary if it ends up trapping traders who bought the dip too early.
