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. Bitcoin alone saw $193 million in liquidations, with long bets accounting for nearly $160 million as its price slid from over $64,000 to just under $62,000, wiping out its June 22 gains. The slide trimmed bitcoin’s market capitalization to $1.24 trillion.
Ethereum plunged to a low of $1,634, with $176 million in liquidations, while Solana saw approximately $29.5 million in long bets liquidated. Other assets like HYPE, Zcash, DOGE, and WLD also experienced significant liquidations.
Bitcoin’s rejection after piercing the $65,500 threshold highlights the difference between a true structural reversal and a classic liquidity trap, according to analysts. The swift plunge supports the view that the digital asset has yet to establish a macroeconomic bottom. Analyst Cryptogerla warned that bear flag patterns are still forming, predicting a potential drop to $50,000. As long as bitcoin fails to secure daily closes above major resistance levels, the broader trend remains bearish.