Bitcoin Falls to $58,035; $600M Liquidations in an Hour, $65,000 Seen as Resistance

Bitcoin fell to $58,035 on Bitstamp at Thursday’s Wall Street open, a 21‑month low and the lowest level since September 2024. The move echoed price action seen during the 2022 bear market as the market reacted sharply at the open. The decline came as the US Personal Consumption Expenditures index surprised on the upside: the PCE price index rose 0.4% month‑on‑month and 4.1% year‑on‑year in May, with core PCE up 0.3% month‑on‑month and 3.4% year‑on‑year.

Equities were volatile — the Nasdaq Composite was about 0.5% lower while the Nasdaq 100 slid 2% within 30 minutes, and the S&P 500 managed a small gain. Crypto markets saw sizable liquidations, with CoinGlass estimating cross‑crypto liquidations at $600 million over a single hour as BTC moved lower and long positions were squeezed.

Some traders described the moves as a manipulation phase designed to trigger stops, noting order books stacked beneath $60,000, while others suggested a further leg down toward $55,000 as a short‑term target.

United States, Wall Street

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