Bitcoin briefly slid to about $61,500 on June 4 as crypto liquidations topped $1.1 billion and traders watched the $60,000 support zone.
Bitcoin briefly fell to roughly $61,500 on Thursday as forced selling swept across leveraged crypto markets and pushed liquidations above $1.1 billion.
BTC dropped more than 5% intraday on June 4, trading near $63,500 after touching a low around $61,500. ETH also weakened, trading near $1,770 after falling below $1,750 earlier in the session.
Market data cited by CoinDesk, Cointelegraph, CoinMarketCap, and NewsBytes showed liquidation totals above $1.1 billion, with some trackers placing the 24-hour figure closer to $1.7 billion. Long positions took most of the damage, with Bitcoin and Ethereum accounting for the largest forced closures.
The move extends a sharp early-June reversal after Bitcoin lost support in the mid-$60,000 area. Leveraged traders were crowded on the bullish side, so each break lower forced exchanges to close positions and added more sell pressure.
The liquidation wave also shows how quickly market structure can shift when spot demand cools and derivatives exposure remains elevated. Even after the rebound from the intraday low, volatility stayed high across majors and higher-beta tokens.
The key level is now the $60,000 zone. A sustained hold above it would suggest the market is absorbing the forced selling. A clean break below it could trigger another round of risk reduction as traders cut leverage before the June 16-17 Federal Reserve meeting.
Bitcoin remains under pressure, but the story is still developing. The next signals to watch are ETF flow data, open interest resets, and whether spot buyers defend the $60,000 area after the liquidation cascade.
Wall Street giant Citigroup projects Bitcoin could reach $143,000 within 12 months, citing ETF demand and regulatory tailwinds as key catalysts.
Michael Saylor's Strategy reported a $14.46 billion unrealized loss on its bitcoin holdings in Q1 2026, then purchased another $330 million in BTC days later.
The largest US bank is assessing spot and derivatives trading services as regulatory clarity enables traditional finance to deepen crypto involvement.
Disclaimer: News content is for informational purposes only and should not be considered financial advice. Market conditions can change rapidly. Always conduct your own research.
