Over $600M in Bitcoin longs liquidated as BTC dips toward $60K

Bitcoin’s (BTC) brief plunge toward the $60,000 area triggered more than $600 million in long liquidations, raising doubts over whether the latest rebound marks a real bottom or only a relief bounce after a leverage flush.

BTC price may rebound toward $70,000 next

BTC fell to roughly $61,300 on Thursday before recovering 5.52% to around $64,690, with the rebound coinciding with reports that Israel and Lebanon had agreed to implement a ceasefire.

The volatile move liquidated over $737 million in BTC positions on a 24-hour rolling basis, with long traders taking most of the hit, according to data resource CoinGlass.

Over $617 million in long positions were wiped out, showing how aggressively bullish traders were positioned before the sell-off.

Still, Bitcoin’s sharp 5.52% rebound encouraged some traders to call for a bottom.

Trader RidaaXBT said BTC could stage a relief bounce toward the $69,000–$70,000 range, implying that the liquidation-driven selloff may have exhausted near-term sellers.

Analyst ZordXBT shared a similar view, pointing to Bitcoin’s long downside wick as a sign that buyers stepped in aggressively near the lows.

On the other hand, crypto trader Hitman42.eth warned that BTC bulls may be celebrating too early, noting that the Bitcoin bounce may end up trapping bulls.

Bitcoin bear flag keeps $50K target in play

Bitcoin’s weekly chart still shows a bear flag breakdown in progress, keeping the risk of a deeper drop toward the $50,000–$52,000 area alive. The setup follows BTC’s failure to reclaim the flag’s upper trend line, with rising volumes adding weight to the downside move.

However, the bearish scenario is not confirmed as long as BTC trades above its 200-week simple moving average (200-week SMA, blue line) at around $61,800. This level has acted as a major cycle-bottom zone in past Bitcoin bear markets, including 2015, 2018 and 2020.

A strong rebound from the 200-week SMA would weaken, or potentially invalidate, the bear flag breakdown, putting BTC price in position to test $70,000 as the next upside target.