Bitcoin Slides Toward $60K as ETF Outflows Trigger Liquidation Wave

Bitcoin’s June selloff has moved into a more serious phase. BTC lost the $70,000 support zone this week and briefly traded near $61,500 before recovering toward the mid-$63,000 area. The drop came after weeks of pressure from U.S. spot Bitcoin ETF outflows, a small disclosed BTC sale from Strategy, and fresh anxiety around Mt. Gox-linked wallet movement. The break below $70,000 also triggered a sharp liquidation wave, with CoinDesk reporting nearly $1.84 billion in leveraged crypto positions wiped out in 24 hours and long positions taking most of the damage. The chart has now shifted lower. BTC needs to defend the $60,000 to $62,000 area and reclaim $65,000 to show that the selloff is slowing.

Key Takeaways:

• BTC briefly dropped near $61,500 before rebounding toward the mid-$63,000 area.
• The price of Bitcoin fell below $66,000 on June 3, even as global stocks and AI-linked trades moved to fresh highs. CoinDesk
• Nearly $1.84 billion in leveraged crypto positions were liquidated in 24 hours, with long positions accounting for about $1.66 billion. 
• U.S. spot Bitcoin ETF outflows continued to pressure the market, with Farside data showing heavy redemptions through the latest reported sessions. 
• BTC needs to reclaim $65,000 first and then $70,000 to repair the short-term chart. A daily close below $60,000 would expose $58,000 and then $55,000.

BTC Slips Below Its Last Major Support Shelf

Bitcoin’s last setup centered on the $70,000 to $72,000 support area. BTC had already lost $75,000, but buyers still had a chance to stabilize the chart if they defended the upper $60,000s. That support has now failed.

BTC fell below $66,000 on June 3 and later extended the move toward the low $60,000 area. The drop was sharp because $70,000 had become the final major shelf after the May breakdown. Once that level gave way, leveraged positions started to unwind and the market moved quickly into the next support range.

The rebound toward the mid-$63,000 area does not repair the chart yet. BTC is still trading below the zone that held the structure earlier this week. Buyers now need to turn the $60,000 to $62,000 area into a base before the market can even think about reclaiming $70,000.

CoinDesk also noted that Bitcoin’s drop came while global stocks were hitting fresh highs on the AI trade. That divergence is important. Risk appetite has not disappeared across markets. It has simply moved away from crypto while Bitcoin deals with its own flow problem.

ETF Outflows Keep Draining Demand

The ETF flow picture remains Bitcoin’s biggest pressure point. Farside data shows U.S. spot Bitcoin ETFs have continued to record heavy outflows through the latest reported sessions.

This pressure has been building since the second half of May. In the June 1 setup, the main concern was that spot Bitcoin ETFs had already posted 10 straight reported sessions of outflows from May 15 to May 29, with roughly $2.96 billion leaving the products. Since then, Bitcoin has lost the support zone it was trying to defend.

ETF flows matter because they have become one of the clearest measures of institutional demand for BTC. When inflows are steady, dips usually get absorbed faster. When redemptions keep hitting, every bounce has to work harder. That is where Bitcoin is currently standing at the moment. The market is not just responding to one bad print but it is reacting to several sessions of weak ETF demand while the chart keeps losing levels.

Longs Get Wiped Out As BTC Slides

The break below $70,000 turned into a faster move once leverage started clearing. CoinDesk reported nearly $1.84 billion in leveraged crypto positions were liquidated in 24 hours as Bitcoin fell below $66,000 and Ether dropped under $1,900. Long positions accounted for about $1.66 billion of the wipeout. 

That explains why the move did not behave like a normal slow grind lower. Traders had been positioned for support to hold, and once price broke through, forced selling pushed BTC toward the next liquidity pocket.

The liquidation flush does not guarantee a bottom, but it does clear part of the leverage that had built up above the breakdown. For bulls, the question is whether spot buyers step in after the forced selling cools. Without that, BTC can keep trading heavy even after the worst of the liquidation wave has passed.

Mt. Gox And Strategy Keep Traders Defensive

Mt. Gox added another supply-related concern earlier this week after wallets tied to the collapsed exchange moved 10,422 BTC, worth about $739 million, from cold storage. Yahoo Finance reported that the coins were sent to multiple newly created wallet addresses, while the move came ahead of the October 31 creditor repayment deadline. The transfer does not confirm immediate exchange selling, but it still landed at the wrong time for BTC because price was already below key support and ETF demand was weakening.

Strategy’s small BTC sale also remains part of the background. The company disclosed in an SEC filing that proceeds from its Bitcoin sales are expected to fund distributions on preferred stock. The same filing showed the sale was net of fees and expenses, while Strategy still held 843,706 BTC after the transaction.

Neither story explains the full selloff. Mt. Gox movement does not mean immediate market dumping, and Strategy’s sale was small compared with its total position. But both added to the defensive tone while ETF outflows were already draining demand and BTC was breaking key support. In that setting, supply-related headlines made traders less willing to buy the dip.

BTC Charts Show $65K As The First Recovery Test

BTC’s chart has shifted quickly. The $70,000 to $72,000 area was support earlier this week. It is now overhead resistance. Price has already moved into the $60,000 to $62,000 zone, which becomes the immediate support area after the liquidation move.

The first support is $60,000 to $62,000. BTC has already tested the upper side of that area after the drop near $61,500. If buyers defend it, the market can attempt a relief move back toward $65,000.

The first resistance is $65,000 to $66,000. Bulls need to reclaim this zone before the chart can start repairing. A weak bounce into this area followed by rejection would show sellers still control the short-term structure.

Above that, $70,000 becomes the bigger recovery level. BTC needs a daily close above $70,000 to show that the breakdown has failed. Until then, rallies are likely to be treated as relief moves.

If $60,000 breaks on a daily close, the next downside levels are $58,000 and $55,000. The $58,000 area is the first nearby support after the psychological $60,000 level. A deeper washout toward $55,000 would likely depend on whether ETF outflows continue and whether another liquidation wave hits the market.

For now, Bitcoin is trying to stabilize after forced deleveraging. That is different from a healthy pullback. The market needs ETF flows to improve, spot buyers to defend $60,000 to $62,000, and price to reclaim $65,000 before the setup looks less fragile.

What to Expect Next

• Bullish case: BTC holds the $60,000 to $62,000 support zone and reclaims $65,000 to $66,000. That would show the liquidation flush is slowing and put $70,000 back in focus.
• Bearish case: BTC fails at $65,000 and loses $60,000 on a daily close. That would expose $58,000 first, followed by $55,000 if selling pressure continues.
• Key catalyst: Spot Bitcoin ETF flow data remains the main short-term catalyst. A return to net inflows would help stabilize the chart, while another large outflow day would keep pressure on the $60,000 area.
• Invalidation: A daily close above $70,000 would weaken the immediate bearish setup. A stronger recovery above $75,000 would shift the chart back into a healthier range.

Why did Bitcoin drop today?

Bitcoin dropped because ETF outflows continued, the $70,000 support zone failed, and leveraged long positions were liquidated as price broke lower. 

How much was liquidated in the crypto market?

CoinDesk reported nearly $1.84 billion in leveraged crypto positions were liquidated in 24 hours, with about $1.66 billion coming from long positions. CoinDesk

What Bitcoin price levels matter now?

The key support is $60,000 to $62,000. The first recovery level is $65,000 to $66,000. BTC needs to reclaim $70,000 to weaken the current bearish setup.

Is Bitcoin still at risk of more downside?

Yes. The short-term chart remains weak as long as BTC trades below $65,000 to $66,000. A daily close below $60,000 would open the way toward $58,000 and then $55,000.