Bitcoin dropped below $63,000 and triggered roughly $48 million in liquidations, with long positions absorbing almost all of the damage as leveraged bulls were forced out of the market. Bitco
Bitcoin dropped below $63,000 and triggered roughly $48 million in liquidations, with long positions absorbing almost all of the damage as leveraged bulls were forced out of the market.
Bitcoin slipped under the $63,000 mark, a level that acted as a near-term line in the sand for traders and set off a wave of forced position closures, The Block reported on June 24, 2024. For related coverage, see Bitcoin Long-Term Holders Take Over as Network Activity Drops 39%.
The move extended a run of downside pressure that has kept Bitcoin pinned near the same threshold, with spot pricing hovering only marginally above the level that framed the selloff. For related coverage, see Bitcoin volatility falls while downside protection remains expensive.
BTC spot price $63,141 CoinGecko data in the brief places BTC just above the $63,000 threshold that framed the liquidation move.The break came as Mt. Gox's civil-rehabilitation trustee confirmed that repayments in Bitcoin and Bitcoin Cash would begin from the start of July 2024, according to the official June 24 notice, reviving concerns about creditor selling.
The drop echoes an earlier stumble when Bitcoin fell below $64,000, underscoring how repeatedly the asset has tested support in the low-$60,000s.
The dip below $63,000 forced roughly $48 million in Bitcoin long liquidations over the prior 24 hours, as traders betting on higher prices were closed out at a loss.
More precisely, over $47.9 million of the roughly $49 million in total liquidated BTC positions came from longs, meaning the washout was almost entirely on the bullish side of the book.
BTC long liquidations $47.9 million The reported BTC liquidation total was concentrated in longs, reinforcing that the drop below $63,000 forced bullish leverage out of the market.The imbalance was even starker across the wider market, which saw more than $161 million in liquidations on the move, with around $153 million of that in long positions, citing CoinGlass data. Longs are traders positioned for prices to rise, and they bore the brunt of the forced selling.
The scale sits well below the biggest recent shakeouts, such as the session when a Bitcoin drop wiped out $660 million across the market, but the long-skewed structure was similar.
A break below $63,000 points to weakening near-term momentum, and the fact that liquidations were overwhelmingly long-driven suggests bullish positioning was caught offside rather than being unwound by fresh short pressure.
Sentiment data reflects that caution. The Crypto Fear and Greed Index reads 29, placing the market firmly in "Fear" territory as the price hovers near the threshold that triggered the wipeout.
With Bitcoin trading on volume of roughly $19.5 billion over 24 hours and a market capitalization near $1.27 trillion, the leverage flush has thinned out the most exposed long positions without a decisive move in either direction. Traders looking for a floor will watch whether Bitcoin can reclaim the $64,000 area that has repeatedly capped recent rebounds.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
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