$1.2B Liquidated as Bitcoin Tests $62.5K Support Amid Sharp Crypto Selloff

Data from Coinglass shows total liquidations reached approximately $1.12 billion over the last day, with long traders absorbing the overwhelming majority of the damage. Nearly $949 million in bullish positions were wiped out compared with roughly $169 million in short liquidations.

The move came as bitcoin briefly dipped below $63,000, touching around $62,569 on Binance before stabilizing near the upper-$62,000 range.

Long Traders Take the Biggest Hit

The liquidation imbalance highlights how heavily traders were positioned for upside before the market turned lower.

According to the latest figures:

• 24-hour liquidations: $1.12 billion
• Long liquidations: $949 million
• Short liquidations: $168.7 million
• Bitcoin liquidations: $601.2 million
• Ethereum liquidations: $252.9 million

Bitcoin accounted for more than half of all liquidations across the digital asset market, while ethereum represented the second-largest share.

Bitcoin Extends 2026 Correction

The decline adds to a difficult year for bitcoin following its run to all-time highs above $126,000 in late 2025.

After opening June near the $72,000 to $73,500 range, bitcoin quickly encountered selling pressure, breaking below several key levels before testing the low-$63,000-$62,000 region. The cryptocurrency is now down more than 45% from its peak.

The broader crypto market also weakened. Ethereum fell below major psychological levels during portions of the selloff, while alternative digital assets posted even steeper losses.

What’s Driving the Pullback?

Several factors have weighed on sentiment in recent weeks.

Heavy redemptions from U.S. spot bitcoin ETFs have coincided with increased investor interest in artificial intelligence-related equities. Market participants have also pointed to macroeconomic uncertainty, inflation concerns, geopolitical risks, and elevated interest rates.

At the same time, leveraged positions accumulated during bitcoin’s rally have been unwound as support levels gave way.

The disclosure that Strategy sold 32 BTC between May 26 and May 31 also generated discussion among traders, although the transaction represented a tiny fraction of the company’s holdings.

Key Levels in Focus

Market participants are now watching the $60,000 range and below it closely.

The zone has repeatedly acted as support during 2026 and now represents one of the most important technical areas on the tape. A sustained move below that region could increase attention on lower targets discussed by some analysts.

On the upside, traders are monitoring resistance between $65,000 and $70,000, followed by the $75,000 to $77,000 range.

For now, liquidation data suggests leverage remains a dominant force in price action, with bitcoin and ethereum accounting for nearly $854 billion in combined liquidations during the latest market flush.