Bitcoin slid below $63,000 on June 3, marking its lowest price since February 24. The decline resulted in over $150M in liquidated long positions, contributing to a broader market loss exceeding 14% in just one week.
Liquidations across the crypto market reached $1.8B within 24 hours, with long positions facing the majority of the impact. Bitcoin itself accounted for over $800M of these liquidations, as it has decreased more than 21% over the past month.
In addition, US spot Bitcoin ETFs have experienced $4.4B in outflows over 13 consecutive trading days. Contributing factors include strategic rebalancing among large holders and ongoing concerns linked to the Mt. Gox incident. Investing interest has also shifted towards artificial intelligence, further challenging the crypto space.
Currently, analysts highlight $60,000 as the crucial support level. If broken, the $50,000 to $52,500 range may be the next target for Bitcoin. Open interest in futures remains high during this downturn, indicating potential for further liquidations if the price continues to decline.