Bitcoin’s market downturn deepened over the past 24 hours, with the leading cryptocurrency falling to its lowest level in months and triggering a wave of liquidations across the digital asset market.
The sharp decline pushed Bitcoin close to the $61,000 mark, dragging most major altcoins lower and wiping out more than 270,000 leveraged traders. Total liquidations surpassed $1.6 billion, with long positions accounting for the overwhelming majority of losses.
Bitcoin Extends Multi Week Downtrend
Just a few weeks ago, Bitcoin was trading around $82,000 before entering a prolonged correction. Selling pressure intensified at the beginning of June, sending the asset down to roughly $65,000. Although Bitcoin briefly recovered to around $67,000 on Wednesday, bearish momentum returned strongly and drove prices sharply lower.
During Thursday’s trading session, Bitcoin dropped to slightly above $61,000 across major exchanges, marking its lowest level in approximately four months. The last time BTC traded near these levels was in early February, when it briefly touched $60,000 before rebounding. At the time, many analysts considered that level to be the likely bottom of the bear cycle.
However, sentiment has shifted considerably. Market observers note that sellers currently maintain firm control, with some analysts warning that Bitcoin could face another leg lower that may push prices toward or even below $55,000 if bearish conditions persist.
Altcoins Suffer Heavy Losses
The broader cryptocurrency market was unable to escape the selloff. Ethereum fell to a 14 month low, briefly dropping below $1,800 and reaching levels just above $1,700. Despite the decline, some analysts believe the correction could present a potential buying opportunity for long term investors.
Outside of Hyperliquid, which managed to outperform the broader market, most major altcoins posted significant losses. Several cryptocurrencies fell more than 5% during the day, while Toncoin recorded one of the steepest declines, dropping over 12%.
Liquidations Surge Across the Market
The extreme volatility resulted in a massive wave of forced position closures. According to market data, more than 270,000 traders were liquidated within 24 hours, with total losses reaching approximately $1.61 billion.
Long positions represented the bulk of the damage, accounting for around $1.35 billion of the liquidated value as bullish traders were caught off guard by the sharp decline.
Bitcoin recorded the largest liquidation volume by a considerable margin, with more than $735 million in long positions erased. The figure was more than double the liquidation amount recorded for Ethereum.
The single biggest liquidation event reportedly occurred on Hyperliquid, where one position worth more than $16 million was forcibly closed amid the market turmoil.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
