Over $600M in Bitcoin longs liquidated as BTC dips toward $60K

Written by Yashu Golastaff writerReviewed by Allen Scottstaff editorWritten by Yashu Golastaff writerReviewed by Allen Scottstaff editorOver $600M in Bitcoin longs liquidated as BTC dips toward $60KMarketsPublishedJun 4, 2026Many traders expect Bitcoin to stage a short-term relief bounce toward $70,000, but the broader technical setup remains bearish for BTC.Bitcoin’s (BTC) brief plunge toward the $60,000 area triggered more than $600 million in long liquidations, raising doubts over whether the latest rebound marks a real bottom or only a relief bounce after a leverage flush.BTC price may rebound toward $70,000 nextBTC fell to roughly $61,300 on Thursday before recovering 5.52% to around $64,690, with the rebound coinciding with reports that Israel and Lebanon had agreed to implement a ceasefire.BTC/USD four-hour chart. Source: TradingViewThe volatile move liquidated over $737 million in BTC positions on a 24-hour rolling basis, with long traders taking most of the hit, according to data resource CoinGlass. BTC total liquidations. Source: CoinGlassOver $617 million in long positions were wiped out, showing how aggressively bullish traders were positioned before the sell-off.Still, Bitcoin’s sharp 5.52% rebound encouraged some traders to call for a bottom.Trader RidaaXBT said BTC could stage a relief bounce toward the $69,000–$70,000 range, implying that the liquidation-driven selloff may have exhausted near-term sellers. Related: Analyst says Bitcoin’s $60K bottom signals weaken bear-market forecastAnalyst ZordXBT shared a similar view, pointing to Bitcoin’s long downside wick as a sign that buyers stepped in aggressively near the lows.Source: XOn the other hand, crypto trader Hitman42.eth warned that BTC bulls may be celebrating too early, noting that the Bitcoin bounce may end up trapping bulls.Source: XBitcoin bear flag keeps $50K target in playBitcoin’s weekly chart still shows a bear flag breakdown in progress, keeping the risk of a deeper drop toward the $…

Over $600M in Bitcoin longs liquidated as BTC dips toward $60K

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