BTC long liquidations don pass $600M as price dey drop near $60K
Bitcoin (BTC) small small drop go near $60,000 area, e cause over $600M worth of Bitcoin long positions make dem liquidate, na CoinGlass talk. Traders wey dey heavily bet on upside suffer pass, about $617M in long positions wipe commot for 24-hour rolling basis.
After the sell-off, BTC bounce back sharply. E drop reach around $61,300 then recover about 5.52% to near $64,690. Some traders see the move as leverage flush and dem dey call for small relief bounce go $69,000–$70,000. Mentions for social media tie the rebound to ceasefire agreement between Israel and Lebanon.
But bearish traders warn say the bounce fit trap longs. The weekly chart still dey show bear-flag breakdown setup, so the downside target of $50,000–$52,000 remain if BTC no fit regain key resistance. One key technical condition still important: BTC must hold above the 200-week simple moving average (around $61,800). For past bear markets (2015, 2018, 2020), that area act as major cycle-bottom.
If BTC rebound strong from 200-week SMA, e fit weaken or cancel the bear-flag breakdown and open road to $70,000. If e lose that level, downside risk to $50K–$52K go increase, and liquidity-driven volatility fit continue.
Neutral
Di tin nyus na get mixed setup for traders. Di liquidation data (over $600M for BTC long liquidations; about $617M longs wipe) fit make short-term bullish bounce possible, because when leverage dem flush e, e dey remove weak hands and e dey create room for recovery. Di quick rebound from about $61,300 to about $64,690 also match dat story.
But di article stress say di broader technical structure still bearish: one bear-flag breakdown still "dey progress," and $50,000–$52,000 na key downside zone if BTC no fit reclaim or hold resistance. Di 200-week SMA (~$61,800) na di decision point. If BTC hold above am, di bearish thesis go weak and move toward $70,000 fit more likely; if e break below, di liquidation-driven volatility fit accelerate another leg down.
Dis one resemble past liquidation events where prices first snap back after forced selling, but whether e continue depend on if higher-timeframe supports (like 200-week SMA) hold. So, di impact best categorize as neutral: short-term upside momentum possible, but medium-term direction remain conditional.