Bitcoin Breaks $61K as ETH Slides to $1,600; $380M Liquidations Hit

Published: 2026-06-09 16:30:46 |

Bitcoin is under renewed heavy sell pressure. On Taipei time June 10, Bitcoin (BTC) briefly broke below $61,000 after slipping from the $63,000 area. Ethereum (ETH) also followed through, sliding toward the $1,600 level. Derivatives data shows a sharp liquidation wave. Over the past 24 hours, CoinGlass reported 121,977 traders were liquidated across the global crypto derivatives market, with total forced liquidations of about $380 million. The biggest single liquidation was reported on Binance’s BTCUSDT pair, at roughly $8.05 million. For traders, this sequence highlights how quickly leverage positions can be wiped during breakdowns. Bitcoin break levels can trigger cascading stops, funding shifts, and additional downside if bids fail to recover quickly. Bitcoin’s next support and ETH’s ability to hold around $1,600 are likely to drive near-term volatility, while liquidation-driven flows may continue to pressure prices until positioning resets.

Bearish

This news is bearish because it combines (1) key technical breakdowns and (2) leverage-driven forced selling. Bitcoin breaking below $61,000 while Ethereum falls toward $1,600 suggests a broad risk-off move, not an isolated asset move. The reported $380M liquidations and 121,977 forced closures indicate crowded longs being removed quickly. Historically, liquidation clusters often cause short-term “overshoot” downside, followed by choppy rebounds only after leverage is fully flushed. Short-term impact: traders may see elevated volatility, wider spreads, and more stop cascades around BTC’s breakdown level and ETH’s $1,600 zone. Funding and open interest may also need time to cool. Long-term impact: unless spot demand re-enters and support re-builds, repeated liquidation cycles can shift market structure toward lower highs/lower lows. However, if liquidation pressure eases and buyers step in, there can be a reflex rally as shorts cover—so the bearish bias is strongest near term, with confirmation needed for any trend reversal.