Bitcoin's Slide Below $65,000 Triggers $400 Million in Liquidations, Puts $60,000 in Focus

Bitcoin, the world’s leading cryptocurrency, is widely viewed as a barometer for risk assets. A recent escalation in geopolitical conflict has pushed oil prices higher, while stress in Japan’s bond market and the prospect of selling by Strategy have heightened investor concerns about a renewed global regulatory crackdown. Together, these headwinds have put Bitcoin at risk of retesting a key psychological threshold. Whether that support holds will be an important signal for the broader digital asset market.

Geopolitical risks weighed on risk assets after former US President Donald Trump warned in mid-July that the United States would forcibly operate the blocked Strait of Hormuz. Bitcoin briefly fell below $62,000 on July 15 before testing support at $60,000. The latest data, however, showed signs that panic selling was stabilizing on July 16 as sellers’ profit margins fell to zero. The market is now watching closely to see whether Bitcoin can hold the $60,000 level.

Bitcoin came under pressure in early 2026 from liquidations of highly leveraged positions, net outflows from U.S. spot Bitcoin ETFs and selling by miners, with losses deepening in February. Crypto assets and riskier investments such as U.S. stocks have declined in tandem, pushing market sentiment into extreme fear. Analysts also view BTC as having entered a technical bear market.

Bitcoin fell below $63,000 in February 2026 and briefly traded near $62,500, marking its lowest level of the year, while a weekly rebound quickly faded. Spot cumulative volume delta showed intensifying selling pressure. Market analysts identified $60,000 as key support; a break below that level could send the cryptocurrency into the $56,000–$60,000 range in the short term.

Bitcoin has continued to retreat from its highs, with $62,000 emerging as a key support level for the market. The U.S. Bureau of Labor Statistics’ consumer price index (CPI) influences expectations for Federal Reserve rate cuts, which in turn affect dollar liquidity and valuations for risk assets including cryptocurrencies. That makes the U.S. inflation reading for May particularly important.

Bitcoin most recently fell below $62,000 and briefly approached $61,000. More than $426 million in positions were liquidated across the market over the past 24 hours, with long positions accounting for about 80%, while the Fear Index dropped to 12. U.S. core CPI subsequently rose 0.2% month on month in May, less than the market had feared, helping Bitcoin pare some losses. The $60,000 threshold nevertheless remains under pressure.

Bitcoin came under pressure this week from record outflows from spot ETFs and Strategy’s first sale of the cryptocurrency since 2022. A strong U.S. nonfarm payrolls report on June 5 prompted markets to bet on a Federal Reserve interest-rate increase by the end of 2026. The two-year U.S. Treasury yield rose to 4.16%, while a stronger dollar sparked a selloff in risk assets.

In early Asian trading on Saturday, June 6, Bitcoin rebounded by more than $1,500 from an overnight low of $59,227 to return to around $61,000. CoinGlass data showed that about 308,000 traders had $1.6 billion in positions liquidated over 24 hours, including $1.21 billion in long positions. Bitcoin and Ether liquidations totaled $534 million and $423 million, respectively.

Bitcoin and the broader cryptocurrency market rely heavily on leveraged capital. When prices fall sharply, exchanges forcibly close positions with insufficient margin, amplifying the decline. The latest selling came ahead of the U.S. Federal Reserve’s interest-rate decision as risk aversion intensified. Consecutive net outflows from spot Bitcoin ETFs and MicroStrategy’s first Bitcoin sale also undermined investor confidence.

Bitcoin fell below $67,000 early on June 3 and briefly touched $66,316, pulling Ether, Solana, Dogecoin and other major cryptocurrencies lower. Marketwide liquidations reached $1.78 billion over 24 hours, with long positions accounting for about 90%. The concentrated unwinding of leveraged bullish bets sent market anxiety sharply higher.

Bitcoin is the largest cryptocurrency by market capitalization, and sharp price declines often force exchanges to liquidate highly leveraged positions, with the impact spreading to tokens such as Ether. After BTC fell below $69,000, the market is also watching whether its 200-week moving average will hold. If that support breaks, analysts’ downside target of $50,000 could come into focus.

Bitcoin fell about 6% in a single day over the weekend, briefly approaching $68,000. In the latest 24-hour period cited as of July 20, 2026, crypto liquidations across the market neared $400 million, including about $300 million in bullish long positions. Although a golden cross on the daily chart could provide near-term support, a recovery above $69,000 remains crucial.

Crypto derivatives amplify gains and losses through leverage. When prices fall below margin thresholds, exchanges forcibly close positions, potentially creating cascading liquidations that deepen the decline. In late May 2026, escalating conflict between the United States and Iran weighed on risk appetite and pulled Bitcoin back from its highs. The $70,000 level became a key battleground for bulls and bears because of its significance as both a round-number threshold and market support.

On May 28, Bitcoin fell 4.5% from the previous day’s high of $76,050 and touched a six-week low of $72,620 on Bitstamp. CoinGlass recorded $935.6 million in liquidations across leveraged long and short positions over 24 hours. The price fell again to $69,631 on June 2, marking a two-month low, as market liquidations approached $800 million. Trader Ardi warned that the next support level was around $68,700.

Bitcoin has recently come under pressure from hawkish signals from the U.S. Federal Reserve, continued outflows from spot exchange-traded funds and geopolitical risks. The heavy concentration of leveraged long positions triggered cascading liquidations after the price broke below key support, further intensifying the market's “extreme fear” sentiment.

As of July 20, BTC had fallen as low as $72,582, a 14-day low, with about 152,000 traders liquidated for $755 million over 24 hours. Long positions accounted for more than 86% of the total. The market later plunged again to about $70,600, while the Fear and Greed Index dropped to 23 and ETH fell below $2,000.

Bitcoin has recently faced the dual pressures of spot-market selling and an escalation in the US-Iran military conflict, with Brent crude briefly rising to $95 a barrel. US spot Bitcoin ETFs have recorded $3.46 billion in net outflows since May 13, signaling capital flight from the crypto market and increasing the risk of cascading liquidations of leveraged positions.

On June 1, Bitcoin fell below $71,000 for the first time in seven weeks, liquidating about $276 million in leveraged long positions. However, the long-to-short ratio among Binance whales rose to 1.4 from 1.1 a week earlier, while the ratio on OKX climbed to 1.9 on Monday. Futures open interest across major exchanges held at $43.5 billion, suggesting professional traders were adding bullish positions on the dip, although a rebound still depends on an easing of spot-market selling pressure.

Bitcoin is highly sensitive to geopolitical developments. Risk appetite improved after U.S. President Donald Trump announced a Middle East ceasefire agreement, pushing the cryptocurrency above $72,000. However, U.S. tariff policy continued to weigh on market sentiment, preventing the rally from holding and exposing leveraged positions to the risk of a rapid reversal.

Bitcoin climbed as high as $72,500 before retreating to about $70,600, close to the $70,000 threshold. In the 24 hours before the report was published, roughly 80,000 traders were liquidated, with total liquidations reaching $276 million. The market remained in the extreme-fear zone, while some capital shifted toward high-beta assets including ZEC and AI-themed tokens.