Bitcoin Falls to $61K as Over $1.6B in Liquidations Hit Crypto Markets
Bitcoin dropped to just over $61,000 on June 4, its lowest level in four months, according to reporting from CryptoPotato and 99Bitcoins. Derivatives liquidations across the market reached roughly $1.6 billion over 24 hours, with long positions accounting for the majority.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
The Latest Leg Lower
Bitcoin fell to just over $61,000 on Bitstamp and other exchanges on June 4, its lowest print in about four months, according to CryptoPotato. 99Bitcoins put the overnight low slightly differently, saying the asset crashed below $62,000 and was down 4.8% over the prior 24 hours. The two figures are consistent with the same move; the gap reflects different reference points and timing rather than a conflict in the underlying trade.
The decline extends a sharp drawdown. CryptoPotato noted bitcoin traded near $82,000 only a few weeks earlier, dropped to just over $65,000 at the start of June, recovered to around $67,000 on June 3, and then gave up that ground again. The $60,000 level touched in early February was widely viewed by analysts as the cycle low, a view the latest move calls into question.
Derivatives Liquidations
Leveraged positions were hit hard. CryptoPotato, citing CoinGlass data, reported that more than 270,000 traders were liquidated over 24 hours, with total liquidated value of about $1.61 billion. 99Bitcoins cited a slightly higher figure of more than $1.63 billion. Both outlets agree that long positions made up the large majority, at roughly $1.35 billion to $1.38 billion depending on the source. Bitcoin accounted for more than $735 million of the long liquidations, about twice the figure for Ether. The largest single liquidation occurred on Hyperliquid and exceeded $16 million.
Broader Market and Analyst Views
Ether fell to a 14-month low of just over $1,700 during the same session. Most other large altcoins declined more than 5%, with TON dropping more than 12% on the day. Hyperliquid's HYPE token was an outlier, moving against the broader selloff.
Analyst views diverge. Crypto Fabrik argued the bears now control the market and projected a further decline that could take bitcoin to and below $55,000. Other commentators have suggested the Ether drawdown may present a buy-the-dip opportunity. Neither view is confirmed by price action yet, and neither outlet presented a consensus among analysts.
What to Watch
The key open question is whether the $60,000 area, which held in February, continues to act as support. A sustained break below it would invalidate the view that the early-year low marked the bottom of this cycle. Liquidation data suggests a substantial amount of forced selling has already occurred, but both reports show the market still in a bearish trend heading into the week.
Why It Matters
For Traders
Bitcoin's break below the February $60,000 low raises the risk of further downside, and leveraged longs remain vulnerable to additional liquidation cascades.
For Investors
A failed defense of the $60,000 level would challenge the thesis that early-2025 marked the cycle bottom and could extend the drawdown for longer-horizon holders.
For Builders
Liquidation volume concentrated on Hyperliquid highlights the importance of robust risk engines and oracle handling in perpetual protocols during fast market moves.
This article is for information only and is not financial advice. Read the full disclaimer.
