# Bitcoin Price Drops to $65K Amid Market Liquidations

**Published:** 2026-06-12T12:01:29.030Z  
**Topic:** Bitcoin Hashrate  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/ccd2f719-cd05-46c9-b1bb-9b64f918db1a

Bitcoin fell to $65,000, triggering $1.8 billion in crypto liquidations as miners face widening losses and investors monitor support levels.

Bitcoin dropped to a nine-week low of $65,360 on Wednesday, marking an 8% decline from Tuesday’s high of $71,300 [2]. The downturn triggered over $1.8 billion in total crypto liquidations across the derivatives market, the largest such event since February [2].

**Key takeaways**
* Bitcoin liquidations accounted for $774.2 million of the $1.83 billion total market wipeout [2].
* Mining companies, including Canaan, reported widening losses in the first quarter as Bitcoin prices and hashprice declined [1].
* Bitcoin supply on the Binance exchange reached a three-month high of 659,000 BTC, signaling potential selling pressure [2].
* Analysts suggest $60,000 serves as a critical support level that bulls must defend to prevent a deeper downtrend [2].

## Mining Sector Struggles Under Price Pressure
The recent price decline has intensified financial strain on Bitcoin mining operations. Canaan reported a $23 million gross loss for the first quarter, noting that average Bitcoin prices and hashprice fell significantly during the period [1]. Despite these challenges, the company expanded its self-mining capacity to 11 exahashes per second and acquired a 49% stake in three West Texas joint venture projects to secure lower power rates [1]. Other major industry players, including MARA, reported substantial net losses in the first quarter, with MARA’s $1.3 billion loss largely attributed to non-cash mark-to-market adjustments on its Bitcoin holdings [1]. In response to compressed margins, some miners are shifting focus toward high-performance computing and artificial intelligence, with HIVE Digital Technologies announcing plans for a 320-megawatt AI data center campus [1].

## Market Volatility and Support Levels
The market-wide correction has left traders focused on identifying support zones as Bitcoin moves through a distribution phase [2]. Analysts from CryptoBanter described the liquidation event as one of the largest in recent months, while others noted that the volume of long liquidations reflects the growth of the industry compared to the 2020 market crash [2]. Market observers are now closely watching the $60,000 level, which is widely viewed as the final line of defense [2]. Michael van de Poppe of MN Capital identified the area around $61,000, which includes the 200-week moving average, as a crucial zone for potential accumulation [2]. Meanwhile, increased Bitcoin inflows to exchanges like Binance have raised concerns among analysts regarding heightened selling pressure and continued price volatility [2].

## Why it matters
The current market environment highlights the intersection of institutional accumulation and short-term volatility. While long-term retirement models and institutional holders continue to view Bitcoin as a strategic asset, the immediate price action is heavily influenced by derivative liquidations and miner profitability [1, 2, 3]. As the industry approaches future halving events, the tightening of supply remains a central theme for long-term outlooks, even as miners and traders navigate current macro shocks and geopolitical risks [2, 3]. Whether Bitcoin maintains the $60,000 support level will likely determine the short-term trajectory of the market as investors wait for further signals on inflation and institutional demand [2].

## Sources
1. CoinTelegraph — [Bitcoin miner Canaan posts $88.7M net loss in Q1 amid BTC decline](https://cointelegraph.com/news/bitcoin-miner-canaan-posts-887m-net-loss-q1-btc-decline)
2. CoinTelegraph — [Bitcoin's crash to $65K triggers $1.8B in crypto liquidations](https://cointelegraph.com/markets/bitcoins-crash-to-65k-triggers-18b-in-crypto-liquidations)
3. AOL — [How Much Bitcoin Do You Need To Retire By 2040?](https://www.aol.com/articles/much-bitcoin-retire-2040-173349000.html)

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Cite as: TrendWatcher, "Bitcoin Price Drops to $65K Amid Market Liquidations", https://www.trendwatcher.in/article/ccd2f719-cd05-46c9-b1bb-9b64f918db1a