Bitcoin Retreats Below $60K After $850M Liquidations

Bitcoin dips below $60,000 as $850M in leveraged positions liquidate

Bitcoin fell below the $60,000 mark for the second time in June, sparking roughly $850 million in crypto liquidations and extending pressure across major digital assets and crypto-linked equities. BTC dropped to an intraday low near $59,175 before stabilizing around $59,500, according to crypto.news data, wiping out mostly long leveraged positions and prompting sell-offs in related technology and mining stocks.

Market snapshot and key price moves

The liquidation event removed more than $850 million from the market, with long positions accounting for about $780 million and shorts making up roughly $84 million. The broader crypto market value slid to approximately $2.1 trillion, a decline of about 3.6% on the day. Major altcoins followed Bitcoin lower: Ethereum traded near $1,590 after slipping under $1,600, Solana moved below $65, and XRP hovered around $1.05.

BTC’s retracement contributed to notable volatility in crypto mining and exchange stocks. Investors pared risk exposure across sectors, coinciding with weaker flows into spot exchange-traded products and mounting losses in major U.S. tech equities.

BTC falls to June lows near $59,200 while trading below key moving averages on the daily chart

Technical outlook: Bitcoin retests critical June support

Technical indicators show Bitcoin revisiting a support area around $59,200 — a level closely watched by traders after the June low. The pullback pushed BTC beneath several crucial moving averages, including the 50-day and 200-day MA on the daily chart, signalling a short-term bearish bias.

Fibonacci and momentum signals

Analysts flagged the 78.6% Fibonacci retracement from Bitcoin’s earlier bounce as a pivotal zone. Historically, many pronounced local tops and bottoms have emerged around that retracement level following strong rallies, making it a focal point for traders attempting to gauge whether bulls can hold ground or if further downside is likely.

Momentum metrics also leaned toward bearishness: the Aroon indicator showed Aroon Down at 100% versus Aroon Up near 36% on the daily timeframe, suggesting recent lows are driving the market structure and downside momentum remains intact.

Institutional activity and whale transfers add to concerns

On-chain monitoring accounts flagged transfers from wallets linked to major institutional players. Whale Factor highlighted movements of roughly 2,700 BTC — valued at an estimated $168.6 million — and nearly 53,000 ETH, roughly $88.1 million, to addresses associated with Coinbase. While such transfers can indicate positions being prepared for exchange-related activity, they do not necessarily confirm intent to sell.

Sentiment around institutional flows has been fragile: data from Farside Investors showed U.S. spot Bitcoin ETFs recorded about $180 million in combined net outflows over Monday and Tuesday, while spot Ether ETFs posted roughly $152.5 million in net outflows during the same period. These withdrawals amplified selling pressure as macro risk-off moves hit technology stocks and broader risk assets.

Crypto equities slump, Strategy shares lead losses

The pullback in BTC coincided with sharp declines across crypto-linked stocks. Strategy shares, which had closed the prior session at $103.84, plunged as much as 11% intraday to a low of $92.28 before recovering slightly. The move left the company’s stock down more than 8% on the day. Other public names including Strive, Bitmine, SharpLink, Coinbase, Robinhood, Circle, Galaxy Digital, and Bullish also traded lower, alongside mining firms such as IREN, Cipher, TeraWulf, and Hut 8.

Debate over treasury models and potential selling

Criticism resurfaced from long-time Bitcoin skeptic Peter Schiff, who suggested Strategy could sell part of its BTC holdings to fund buybacks and narrow the gap between market value and net asset backing. Schiff warned that significant Bitcoin sales by Treasury-centric firms could exert additional downward pressure on the market — a point that remains hotly debated among investors and analysts.

Macro backdrop and broader risk sentiment

The crypto sell-off unfolded as equities cooled: since mid-June, the S&P 500 has slid about 3% while the Nasdaq fell nearly 4%. Pressure on marquee tech names, including Nvidia, Microsoft, and Apple, contributed to a risk-off tone that spilled over into crypto markets and spot ETF flows.

With Bitcoin back below $60,000, price levels have returned to territory last seen in October 2024, amplifying scrutiny on liquidity, ETF flows, and on-chain activity as market participants reassess positioning heading into the coming weeks.

What traders and investors should watch

• Support and resistance: Traders will closely monitor the $59,200 zone and the $60,000 psychological level. A decisive break below could invite more selling, while a sustained hold could set the stage for consolidation.
• ETF flows and institutional wallets: Continued net outflows from spot ETFs or sizable transfers to exchange addresses may increase downside risk; conversely, renewed inflows could help stabilize prices.
• Macro catalysts: Broader equity performance, U.S. economic data, and rate expectations will remain influential for risk assets including Bitcoin and major altcoins.

As volatility persists, both short-term traders and long-term holders should track on-chain metrics, ETF flows, and technical levels to navigate the evolving landscape of Bitcoin, Ethereum, and the wider crypto market.