PiCK
Bitcoin Rebounds Toward $60,000 After Briefly Falling Below $59,000; $560 Million Liquidated in an Hour
Summary
- Bitcoin briefly fell below $59,000 before rebounding to around $59,300, and was trading near the $60,000 level.
- Over the past hour, the crypto derivatives market saw $560 million in liquidations and five large contract liquidations.
- Bitcoin's short-term volatility is increasing, while concern is mounting over a break of near-term support, driven by a reversal lower in U.S. stocks and leveraged position liquidations.
Forecast Trend Report by Period
Bitcoin rebounded to around $59,300 after briefly slipping below $59,000. The sharp drop triggered $560 million of liquidations in the cryptocurrency derivatives market over the past hour.
BlockBeats reported on June 25 that Bitcoin tumbled 4.8% in the past hour before paring some of its losses and trading near the $60,000 level.
The selloff came after U.S. stocks opened higher and then turned lower.
The decline also unleashed a wave of leveraged position liquidations. Across the broader crypto market, $560 million of positions were liquidated in the past hour, according to BlockBeats.
That included five large contract liquidations exceeding $10 million each.
Bitcoin had earlier fallen below $59,000, stoking concern that it had broken a near-term support level. It later recovered some ground, but short-term volatility is increasing as weakness in U.S. equities coincides with leverage-driven liquidations.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.