Over $600M in Bitcoin longs liquidated as BTC dips toward $60K
Summary
Bitcoin fell near $61,300, triggering more than $737 million in liquidations over 24 hours, including over $617 million in long positions. The drop looked like an aggressive leverage flush, but BTC then rebounded about 5.5% to around $64,690, helped by a ceasefire report. Some traders see this as a bottom and expect a relief rally toward $69,000–$70,000, while others warn the bounce could trap bulls. On the weekly chart, a bear-flag breakdown still points to downside risk toward $50,000–$52,000. That bearish view remains unconfirmed as long as BTC holds above the 200-week SMA near $61,800; a strong recovery from there could invalidate the bearish setup and open a path back to $70,000.
