Bitcoin’s Slide to $72,000 Triggers $935 Million Crypto Liquidation Wave

Price swings in Bitcoin, the world’s largest cryptocurrency by market capitalization, have long served as a barometer for the digital asset market. Crypto investors often use high leverage to amplify their positions, and liquidations during Asian trading hours can trigger sharp short-term market moves. Understanding such events helps gauge market leverage and near-term speculative activity, drawing heightened attention whenever prices reach key round-number thresholds.

According to the latest data from crypto analytics platform CoinGlass, Bitcoin fell 1.4% on Monday, breaking below $63,000 and touching about $62,800. Analysts attributed the decline mainly to a routine leverage flush during Asian trading hours. CoinGlass data also showed that the liquidations were only one-sixth the size of the worst liquidation wave in the previous 30 days, indicating that overall selling pressure remained moderate.

Bitcoin and Ether are the crypto market’s two largest assets, and their prices often drive moves in altcoins and derivatives positions. Exchanges forcibly close highly leveraged contracts when their margin becomes insufficient, and cascading liquidations can deepen a decline. Liquidation totals therefore offer a gauge of market risk and investor sentiment.

In the early hours of June 10, 2026, Taipei time, Bitcoin broke below the $63,000 support level and fell through $61,000, while Ether tested $1,600. CoinGlass data showed that more than 120,000 traders were liquidated over 24 hours, with total liquidations reaching $380 million and the largest single order on Binance totaling $8.05 million. By June 25, BTC had fallen below $60,000 again, with liquidations exceeding $650 million and nearly 140,000 traders affected.

Leveraged positions had piled up after bitcoin’s earlier sharp decline. When the price reversed sharply higher, exchanges forcibly closed short positions with insufficient margin. Such cascading liquidations not only amplified the near-term rally but also highlighted elevated leverage and liquidity risks in the crypto market.

Bitcoin subsequently rebounded from its low and broke above $63,700. CoinGlass data showed $504 million in short liquidations over the 24 hours through the time of reporting, the highest since late April. Total market liquidations reached about $655 million, affecting more than 100,000 traders.

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's latest decline was triggered by an escalation in the war involving Iran, new U.S. government tariff policies and a stronger yen, with risk assets coming under pressure across the board. The cryptocurrency market has lost about $2 trillion in value, reflecting a marked retreat in capital and liquidity. The $60,000 level is both a technical support zone and a key psychological threshold, making it central to whether the selloff deepens.

Bitcoin recently fell below $65,025, initially triggering more than $430 million in long liquidations. As the price moved closer to $60,000, long liquidations swelled to more than $600 million. Crypto liquidations across the market exceeded $1.1 billion at one point over 24 hours, affecting nearly 200,000 traders. Traders had estimated a 53% chance that Bitcoin would fall below $66,000 by April 24, while the market also saw about $1 billion in put-option bets at the $60,000 level.

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.

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 failed to break above $80,000, shifting the market’s focus to support at $75,000. Repeated profit-taking near $77,000 points to insufficient spot demand. Short covering has lifted prices but has not generated enough momentum for a sustained breakout.

As of July 19, Bitcoin was trading mainly between $77,500 and $78,500, most recently at about $77,700. Open interest in the derivatives market fell by more than 6%, indicating that traders were actively reducing leverage. Volatility also cooled after the wave of liquidations, while analysts are watching whether $75,000 support can hold.

Bitcoin is a key barometer for the crypto market, and sharp price gains can force bearish traders to cover their positions, triggering a short squeeze. Its move above $78,000 marked a 10-week high and signaled rising market participation and leverage, drawing attention to heightened volatility and the risk of cascading liquidations.

As of July 19, Bitcoin had briefly topped $79,000 and was testing the $78,000 resistance zone, lifting altcoins and putting Circle, Coinbase and Strategy in focus. Total liquidations exceeded $820 million over the previous 24 hours, including about $660 million in short positions, which accounted for more than 80% of the total.

Bitcoin futures are often traded with leverage. When prices rise rapidly, short sellers can be forced to close positions because of insufficient margin, and the resulting buying can push prices still higher in a short squeeze. Bitcoin's sharp rise around the New York market open showed that derivatives positioning can continue to amplify short-term volatility, though the next move will depend on whether spot-market demand can provide sustained support.

Bitcoin most recently swung sharply between $73,000 and $75,000 around the New York market open before breaking above $75,000 and climbing as high as about $78,000. Reports said more than $283 million in futures positions were liquidated, while a separate estimate put wiped-out short positions at about $350 million within one hour. The reports did not specify the exact date or identify the organizations that compiled the figures.