Bitcoin slides below $60,000 as $1.5 bn liquidations hit market

Bitcoin slipped to $59,800, briefly breaching $58,500, after a cascade of liquidations that erased roughly $1.5 billion of leveraged positions, sparking concerns that the market may need to retest $58,000 support if macro pressure persists [1].

Liquidations and macro backdrop

CoinGlass reported more than 217,700 traders were liquidated in the past 24 hours, with total losses near $1.5 bn; Bitcoin alone accounted for about $665 m of those losses [1]. Long positions suffered roughly $1.2 bn, while shorts lost $270 m. The sell‑off coincided with fresh US personal consumption expenditures (PCE) inflation data showing a 4.1 % year‑over‑year rise in May, reviving expectations that the Federal Reserve may keep rates higher for longer [1]. At the same time, spot Bitcoin ETFs recorded net outflows exceeding 40,000 BTC (≈$3 bn), draining a major source of institutional buying [1].

Technical pressure and derivative expiry

Technical indicators remain bearish: Bitcoin trades below its 20‑, 50‑, 100‑ and 200‑day EMAs, with the 20‑day EMA near $63,800 acting as the nearest resistance [1]. The daily RSI sits around 31, still well below the neutral 50 level. On the 4‑hour chart, price is under the middle Keltner Channel (≈$61,200) and the channel slopes downward, reinforcing the downtrend [1]. Adding to the pressure, Deribit options worth nearly $10 bn—about 37 % of its open interest—are set to expire on June 26, most of them out‑of‑the‑money calls that have forced market makers to sell spot Bitcoin as expiry approaches [1].

On‑chain sentiment

CryptoQuant’s Short‑Term Holder Realised Price momentum fell from –2.4 % in mid‑March to about –24 % year‑on‑year, indicating recent buyers are entering at significantly lower prices than a year earlier [1]. The firm also noted that short‑term holder conviction has not yet shown signs of a sustained recovery, staying above levels seen in prior bear‑market resets [1]. Together with thin downside liquidity below $58,000, the market appears to have flushed much of its immediate long‑side leverage, but further downside could emerge if macro or derivative pressures intensify.

What to watch

• $58,000–$58,500: potential retest of deeper support if selling accelerates.
• $60,200–$60,400: liquidity cluster that could attract buying if Bitcoin reclaims $60,000.
• June 26 options expiry: $10 bn of Bitcoin contracts, largely out‑of‑the‑money, may influence spot pressure.

The price dip underscores how quickly leveraged positions can unwind in response to macro data and derivative dynamics, leaving Bitcoin vulnerable to further downside unless it can reclaim the $60,000 psychological barrier and attract fresh buying pressure.