Bitcoin Rebounds to $59,300 After Briefly Falling Below $59,000; $560 Million Liquidated in an Hour
Summary
- Bitcoin briefly fell below $59,000 before trading at $59,308, signaling increased short-term volatility.
- Over the past hour, the crypto derivatives market saw $560 million in liquidations and five large contract liquidations.
- Bitcoin's drop below a key near-term support level raised concern as a reversal in US stocks coincided with leveraged position liquidations.
Forecast Trend Report by Period
Bitcoin rebounded to around $59,300 after briefly falling below $59,000. The selloff triggered $560 million of liquidations in the crypto derivatives market over the past hour.
Crypto outlet BlockBeats reported on June 25 that Bitcoin slumped 4.8% in the past hour before trimming some of its losses to trade at $59,308.
The decline came after US stocks opened higher and then reversed lower.
The drop also set off a wave of leveraged-position liquidations. Across the broader crypto market, $560 million of positions were liquidated over the past hour, according to BlockBeats.
That total included five large contract liquidations of more than $10 million each.
Bitcoin had earlier fallen below $59,000, fueling concern that it was breaking below a key short-term support level. It later recovered some ground, but short-term volatility remained elevated as weakness in US equities coincided with leverage-driven liquidations.
