More than $600 million in Bitcoin long positions were liquidated as the cryptocurrency dipped to around $60,000. The decline occurred on June 4, 2026, when Bitcoin's price hit approximately $61,300 before a subsequent recovery of 5.52% brought it back to about $64,690.
Traders are divided on the implications of this volatility. Some analysts, like RidaaXBT, suggest a potential bounce back toward the $69,000 to $70,000 range, indicating a possible end to the liquidation-driven sell-off. However, others, including Hitman42.eth, caution that bulls might be premature in their optimism, warning that the rebound could trap them if the upward momentum fails.
Despite the recovery, the overall sentiment remains bearish, with a warning of a potential drop towards $50,000 to $52,000 if Bitcoin cannot maintain levels above its 200-week simple moving average, currently around $61,800. This moving average has historically marked significant cycle bottoms during previous bear markets.