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, over $617 million in Bitcoin long positions were liquidated in a single day as BTC plummeted to $61,300, wiping out months of leveraged optimism across derivatives markets. In total, more than $737 million in Bitcoin positions were cleared on a 24-hour rolling basis, underscoring the magnitude of forced selling triggered by the breakdown below key support. BTC’s drop puts the spotlight on its 200-week simple moving average near $61,800, a threshold that has defined past bear market cycle bottoms since 2015. Liquidation pressure is driving volatility as Bitcoin approaches the $60,000 mark.

TradingView’s BTCUSD chart marked Thursday’s abrupt plunge to $61,300—the lowest print since late March 2026—and revealed a pronounced spike in liquidation-driven sell orders reflected by aggressive downside wicks. Tradingview data shows $737 million in Bitcoin positions were blown out across all exchanges in 24 hours. $617 million of that figure belonging to long traders who had bet on continued price expansion. This outsized forced selling swept through key technical stops and margin call levels before a measured rebound lifted BTC back above $62,000 late in the session.

The BTCUSD chart’s visual indicators tracked persistent leverage across derivatives venues, displaying a market primed for sharp liquidation cascades at the slightest break in trend. Leverage holds structurally high on substantial platforms, leaving substantial pockets of overexposed traders vulnerable to chain-reaction margin calls when support fails. Whether BTC can hold the $61,800 to $62,000 support range—or if new waves of short-side pressure appear—will determine drift in the coming days.

Latest news: Market highlights and reactions

TradingView reports a persistent pattern of cascading liquidations throughout the week, with bear flag breakdowns triggering renewed downside risk for both spot and futures traders. Chart data shows the long-liquidation spike concentrated during U.S. and Asian trading hours, putting pressure on global market liquidity. BTC’s sustained move below the 200-week simple moving average persists a red flag for bulls and now aligns with historical capitulation cycles observed in 2018 and 2020.

Cointelegraph notes that traders are watching open interest in both CME and Binance-listed Bitcoin derivatives. Peak positioning often forms ahead of primary volatility events like the reported $737 million wipeout. The present blend of thin liquidity and concentrated derivatives risk draws scrutiny onto options expiry dates, where large notional values settling could amplify ongoing turbulence. Next week’s Federal Reserve meeting also stands as a potential volatility inflection point, according to recent coverage.

Cointelegraph draws attention to that Bitcoin’s struggle after the bear flag breakdown is far from resolved, with bulls and bears locked in a tense standoff. The outlet notes upside resistance has now shifted to the $66,000–$67,000 range, while primary downside risk clusters around the $50,000 to $52,000 area if the breakdown continues.

and Asian exchanges during the event reinforced the global scope of this move, according to Cointelegraph. The market’s next inflection will come from BTC’s test of the $60,000–$62,000 band, where buyer and seller conviction will become clear.

Top altcoins also capitulated alongside BTC during the liquidation event, fueling a broader wave of pain across digital asset markets. Trader sentiment keeps tied to whether BTC can retake the $61,800 simple moving average on a weekly close, or sustain a push above $66,000 to flip short-term bias.

$50,000 — Potential bear flag target (Cointelegraph).

BTC price may rebound toward $70,000 next

TradingView analysis suggests potential for a robust relief bounce if BTC’s 200-week SMA near $61,800 holds as a springboard. Technical commentator RidaaXBT, tracked by Tradingview, said a rebound toward $69,000–$70,000 could unfold if sellers run out of steam and short traders face a squeeze above $62,000.

A confirmed push from current lows would first meet resistance at $66,000, and then again at the $70,000 zone—marking heights reached during previous bull cycles. For momentum to reverse, Bitcoin must clear legacy sell-side flows created when liquidated longs exited, and derivatives traders have to reset positions at less aggressive risk levels.

Tradingview and Cointelegraph emphasize that BTC’s outlook toward $70,000 is predicated on holding established supports. Bear flag breakdowns in past cycles have triggered multi-week drawdowns when tested levels gave way, so sustained bid at $61,800 remains non-negotiable for any upside rally thesis.

Bitcoin bear flag keeps $50K target in play

Technical analysis by Cointelegraph details a developing bear flag structure on Bitcoin’s weekly chart as of June, often a warning sign of further downside to come. This pattern features a failed recovery followed by consolidation and renewed selling that could set up a retest of the $50,000 to $52,000 target band if negative momentum persists. TradingView shows that recent rejections above $66,000 reaffirm bear control, as similar structures led to deep corrections in 2018 and 2020 cycles.

The $61,800 200-week SMA serves as the core “last line of defense.” Per Tradingview, every sustained breakdown of this level since 2015 has resulted in a sweep of capitulation trades and new cycle lows for the asset. Cointelegraph warns that if BTC does not reclaim weekly closes above $62,000, risk mounts for another liquidation cascade as market confidence falters.

If Bitcoin were to retest $50,000, that would represent a correction over 20% from the recent high of $68,000.

Editor’s choice

Cointelegraph notes that market structural risks have come into abrupt relief as BTC’s intraday volatility and scale of liquidations surpass historical norms. Editor’s choice spots focus on resilience, timing trend reversals, and disciplined risk management after this week’s swings unsettled established strategies. Technical analysis zeroes in on the $61,800 to $62,000 area as the necessary pivot—if this band breaks, sentiment could spiral lower briskly.

Flash liquidations erased over $617 million in long positions in hours, highlighting the dangers of excess derivatives exposure. The 200-week SMA at $61,800 stands as a historical marker, previously supporting Bitcoin during the 2015, 2018, and 2020 cycle lows. Relief rallies have consistently failed to overcome resistance above $66,000, cementing the cautious weekly technical picture.

What’s Driving the Sell-Off?

The dominant catalyst for this week’s sharp sell-off was the unwinding of overloaded derivatives positions. A process that saw $617 million in Bitcoin longs liquidated in as little as four hours. Spot prices tripped margin calls and cascading stops once they slipped below the $62,000 zone, unleashing a sequence of forced sales across global exchanges.

Interest rate policy and uncertainty about future Federal Reserve guidance weighed on risk appetite, accelerating profit-taking by institutional holders. Cointelegraph and ETF inflows tapered off recently, and signals of a careful macro regime contributed to tightening demand.

Crypto News reports that Bitcoin dropped $3,000 in a matter of minutes due to the avalanche of forced sell orders in both spot and derivative formats, exceeding market depth across leading exchanges.

Summary Table: Main BTC Levels and Events

For more details on current market mechanics, positioning changes, and technical levels, visit Over $600M in Bitcoin analysis. Monitor real-time order flows and upcoming options expiry data on major analytics platforms to stay ahead of sector volatility. The coming week could set the tone for either renewed recovery or deeper risk-off positioning, depending on whether technical and macro pressures subside or intensify.