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

**Published:** 2026-07-04T16:09:17.249Z  
**Topic:** Bitcoin%5C%5C%5C  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/c10c2f33-3193-4056-8370-8fc7f137eb64

Bitcoin fell under $60K after $1.5 bn in liquidations, with inflation data and $10 bn options expiry adding pressure. See key levels and next catalysts.

Bitcoin dropped to $59,800, slipping below the $60,000 psychological barrier after more than $1.5 billion in crypto liquidations wiped out leveraged positions [1]. The move threatens short‑term buying momentum and puts the market on edge as inflation fears and a $10 billion options expiry loom.

| At a glance | |
|---|---|
| Price | $59,800 |
| 24h change | –4.8% |
| Key level | $60,000 (psychological resistance) |
| Catalyst | $1.5 bn liquidations, US inflation data, $10 bn options expiry |

## What drove the slide  
A cascade of liquidations erased roughly $1.5 billion in leveraged crypto exposure, with Bitcoin alone accounting for about $665 million of losses [1]. Long positions lost $1.2 billion while short traders shed $270 million, indicating that forced sells dominated the market. The liquidation heatmap shows a dense cluster of long contracts just above $60,200–$60,400, which were cleared as price fell below $58,500, leaving thinner downside leverage under $58,000 [1].

Macro pressure amplified the sell‑off. Recent US personal consumption expenditures (PCE) data showed inflation accelerating to 4.1% in May, reviving expectations that the Federal Reserve may keep rates higher for longer [1]. At the same time, nearly $10 billion of Bitcoin options on Deribit are set to expire on June 26, with most contracts out‑of‑the‑money, prompting market makers to hedge by selling spot Bitcoin [1].

## Technical picture and on‑chain context  
Bitcoin remains below all major exponential moving averages (20‑, 50‑, 100‑, and 200‑day), with the 20‑day EMA near $63,800 acting as the nearest resistance [1]. The daily RSI has recovered to about 31, still well below the neutral 50 level, while the 4‑hour RSI sits near 37, indicating weak buying pressure [1]. Glassnode’s MVRV pricing band places the 1.0 level at $53,390, close to the $54,000 downside target identified by a rounded‑top and bear‑flag pattern on the four‑hour chart [2]. If Bitcoin breaches $54,000, the next technical support aligns with the 0.8 MVRV band around $42,700, a historic bear‑market bottom zone [2].

Spot Bitcoin ETFs have recorded net outflows exceeding 40,000 BTC (about $3 billion) over recent weeks, stripping a major source of institutional buying [1]. Meanwhile, speculative demand metrics from CryptoQuant show short‑term holder conviction falling from –2.4% in mid‑March to roughly –24% year‑on‑year, suggesting recent buyers are entering at much lower prices [1].

## What to watch  
- $60,000 – reclaiming this level would ease short‑term pressure and could trigger buying near the $60,200–$60,400 liquidation cluster.  
- $54,000 – a break below this rounded‑top target would confirm the bearish setup and could lead to the 0.8 MVRV band near $42,700.  
- June 26 options expiry – the outcome of the $10 billion Deribit contracts may add further directional bias.  

The confluence of massive liquidations, tightening monetary expectations, and a looming options expiry has pushed Bitcoin into a fragile zone. Whether price can rebound above $60,000 or slides toward the $54,000 technical target will hinge on the next wave of institutional flows and macro data.

## Sources
1. Invezz — [Why is Bitcoin trading below $60K today?](https://invezz.com/news/2026/06/26/why-is-bitcoin-trading-below-60k-today/)
2. Cointelegraph — [Bitcoin drop to $58K brings out bears: Is BTC’s next stop below $50K?](https://cointelegraph.com/markets/bitcoin-under-60k-activates-multiple-setups-with-54k-btc-price-target)
3. Cointelegraph — [Bitcoin price risks drop below $58K as US dollar hits 40-year high against yen](https://cointelegraph.com/markets/bitcoin-price-slumps-to-near-58k-as-us-dollar-hits-40-year-high-against-yen)

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Cite as: TrendWatcher, "Bitcoin slides below $60,000 as $1.5 bn liquidations hit market", https://www.trendwatcher.in/article/c10c2f33-3193-4056-8370-8fc7f137eb64