Bitcoin Bulls Lose $160M as BTC Slides Under $62K and Analysts Eye $50K Target
A sharp cryptocurrency market sell-off on Tuesday morning triggered over $700 million in total liquidations, with long positions accounting for approximately $595 million of the losses. Key TakeawaysCrypto. . .
A sharp cryptocurrency market sell-off on Tuesday morning triggered over $700 million in total liquidations, with long positions accounting for approximately $595 million of the losses. Key TakeawaysCrypto liquidations topped $700 million on Tuesday as bitcoin fell under $62,000, wiping out June 22 gains. Long positions made up 80% of total losses, hitting bitcoin and ethereum for a combined $369 million. Analysts predict a nested bear flag structure will drag bitcoin down to $50,000 next. Ethereum and Altcoins Face Heavy SellingLiquidations across thecryptocurrencymarket surpassed $700 million Tuesday morning amid a sell-off that saw top digital assets post losses of 3% or more. According to Bitstamp data, long positions accounted for approximately $595 million, or 80% of total liquidations, while short bets reached $119 million. Liquidations: CoinglassBitcoinalone saw $193 million in liquidations — the largest for a singlecryptocurrency— with long bets accounting for nearly $160 million and short bets totaling $54 million. The surge in liquidations for the topcryptocurrencyfollowed its slide from over $64,000 to just under $62,000 around 4:30 a. m. EST, a reversal that effectively wiped out its June 22 gains. The slide trimmedbitcoin’s market capitalization to $1. 24 trillion. Ethereum, which plunged to a low of $1,634, saw $176 million in liquidations, with long bets accounting for $148 million of the total. Market data shows a total of 11,877 traders were liquidated worldwide, with $14. 15 million being the largest singleliquidation. Solanasaw approximately $29. 5 million in long bets liquidated versus nearly $1. 5 million in shorts. Other digital assets with notable liquidations include HYPE, which recorded $14. 26 million in long positions liquidated and nearly $850,000 on shorts. Privacy coinZcash saw nearly $8 million in liquidations, while DOGE and WLD recorded liquidations of $7. 9 million and $5. 2 million, respectively. Bitcoin’s sharp rejection just hours afterpiercing the $65,500threshold highlights the difference between a true structural reversal and a classicliquiditytrap. The swift plunge back to the $62,000 range directly supports the technical view that the digital asset has yet to establish a macroeconomic bottom. This argument is strongly anchored intechnical analysisshared by analyst Cryptogerla on X, who explicitly warns traders not to misinterpret short-term relief rallies as macro trend reversals. “Everyone thinks $BTChas bottomed. But Bear Flag 2 hasn’t hit its target yet, and Bear Flag 3 is already forming. The trend remainsbearish. $50K is still very much in play. Don’t confuse a relief rally with a reversal,” the analyst warned. According to analysts, the spike to $65,500 effectively huntedliquidityby triggering trailing stop-losses from short sellers and enticing breakout buyers into long positions. Once thisliquiditywas grabbed, heavy institutional distribution resumed, trapping late-stage buyers. The resulting liquidations that morning underscore how heavily skewed the market was toward trapped longs. Therefore, as long asbitcoinfails to secure daily closes abovemajor resistance levels, the broader trend remains firmly down. Analysts argue that the recent price action confirms that the path of least resistance for thecryptocurrencymarket continues to be lower, with the $50,000 level acting as a strong magnet for a potential macro bottom. On June 19, bitcoin experienced volatile, "zigzag" trading between $62,300 and $63,300, ultimately closing up 1% to hover just above…Bitcoin Holds Above $63K as $42. 2M in Liquidations Clears Leveraged BetsOn June 19, bitcoin experienced volatile, "zigzag" trading between $62,300 and $63,300, ultimately closing up 1% to hover just above…On June 19, bitcoin experienced volatile, "zigzag" trading between $62,300 and $63,300, ultimately closing up 1% to hover just above…