Over $600M in Bitcoin Longs Liquidated as BTC Nears $60K

Bitcoin's brief plunge toward the $60,000 area wiped out more than $600 million in long positions and raised questions over whether the rebound is a bottom or a relief bounce after a leverage flush. BTC fell to roughly $61,300 before recovering 5.52% to about $64,690, with the uptick coinciding with reports that Israel and Lebanon had agreed to implement a ceasefire.

The volatility liquidated over $737 million in BTC positions on a 24-hour rolling basis, with over $617 million of the losses coming from long trades. Some traders saw the sharp rebound as a sign the sell-off may have exhausted near-term sellers. Trader RidaaXBT said BTC could stage a relief bounce toward the $69,000–$70,000 range, while analyst ZordXBT pointed to Bitcoin’s long downside wick as evidence buyers stepped in near the lows.

Crypto trader Hitman42.eth warned the bounce might trap bulls. On the weekly chart, a bear-flag breakdown still appears to be in progress, keeping the risk of a deeper drop toward the $50,000–$52,000 area alive.

Israel, Lebanon

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