Bloodbath For Bulls: $623 Million In Bitcoin Longs Liquidated
Bitcoin is hovering around its 200-week moving average near $61,700, a level that has historically marked major bear-market bottoms. The price briefly fell to about $61,300 before rebounding above $64,750, aided by a broader liquidation event and a reported geopolitical ceasefire news item. More than $740 million in BTC positions were liquidated in 24 hours, mostly long positions. Despite the bounce, Bitcoin’s weekly chart still shows a bear-flag breakdown risk, with downside targets in the $50,000–$52,000 area if bearish momentum continues. The pattern remains intact because price has not reclaimed the upper trend line. Some traders see the long lower wick as a sign of strong buying interest and expect a short-term move toward $69,000–$70,000. Others warn the rebound may be a trap before another leg lower. The key dividing line remains $61,700: holding above it keeps a deeper breakdown unconfirmed.
