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Bitcoin price fell below $61,000, leading to over $122 million in long position liquidations, increasing the risk of Bitcoin price falling below the critical $60,000 threshold. According to CoinGlass data, over $122 million in long Bitcoin positions were liquidated in the last 24 hours.
Notable Developments for Bitcoin
These liquidations were triggered by Bitcoin’s intraday drop of more than 5% on June 24, briefly falling below $61,000. According to CoinMarketCap data, the world’s largest cryptocurrency experienced a weekly decline of over 7%.
Futures positions can indicate the fundamental price level of the underlying asset. According to CoinGlass, a potential move below the 60,500 level will lead to the liquidation of $180 million worth of long futures positions across all exchanges.
The price drop came hours after the bankrupt crypto exchange Mt. Gox announced it would start processing repayments for its users. Over $9.4 billion worth of Bitcoin will be distributed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to access their funds. According to Bloomberg’s senior ETF analyst Eric Balchunas, this could create significant selling pressure in the market:
“This is like rejecting more than half of all ETF inflows at once.”
Arkham Intelligence reported that in addition to the upcoming selling pressure, a wallet labeled by the German government moved approximately 6,500 Bitcoin on June 19. The wallet had held around 50,000 Bitcoin since February 2024, valued at over $3 billion with today’s Bitcoin price above $61,000.
Selling Pressure Continues
After the price fell below $61,000, the Bitcoin price became the most oversold since it was trading at $26,000. This is based on the Relative Strength Index (RSI), a popular momentum indicator used to measure whether an asset is oversold or overbought based on the magnitude of its recent price changes.
On the daily chart, Bitcoin’s RSI level reached 28, signaling that Bitcoin is in oversold conditions. The last time Bitcoin’s RSI value was below 30 was in August 2023, when Bitcoin was trading at $26,000.
