Bitcoin’s recent pullback has further intensified. After the price broke below the key support near $63,800, leveraged long positions were aggressively liquidated, and spot Bitcoin ETFs experienced significant net outflows for two consecutive days. The market is now treating $60,000 as the next critical support level.
BTC is currently trading at approximately $62,724, down 1.7% over the past 24 hours. The article, citing data from Coinglass and ETF fund flows, states that the price weakness is not driven by a single factor, but rather by a confluence of technical level breakdowns, derivative liquidations, and institutional outflows.
Selling pressure intensifies after breaking below $63,800.
The text mentions that the $63,600 to $63,800 range was originally a key short-term support level for Bitcoin and the bottom of an upward structure. After this level was breached, the previous short-term bullish pattern was invalidated, prompting the market to shift toward a more cautious outlook.
The price breaking below the previous uptrend line simultaneously indicates weakening short-term buying momentum. If the price fails to reclaim this level, the market may continue to decline, with the next key area of focus shifting to $60,000–$59,300.
Over $300 million settled in 24 hours
The domino effect in the derivatives market accelerated this downturn. According to Coinglass data, over $303.66 million in crypto positions were liquidated in the past 24 hours, with long positions accounting for $258.53 million—a significantly higher proportion.
- Total 24-hour settlement volume is approximately $304 million.
- Long positions totaling approximately $259 million were liquidated.
- The current BTC price is approximately $62,724.
This means that before the price breaks below the key support level, a significant amount of capital is still betting on further price increases. Once the support level is breached, forced liquidations generate additional selling pressure, further amplifying volatility.
Spot ETFs experience two consecutive days of net outflows
In addition to the withdrawal of leveraged funds, institutional funding pressure is also weakening. The article states that spot Bitcoin ETFs experienced net outflows of $216.48 million on June 17 and another $389.5 million on June 18, totaling nearly $606 million over the two days.
- Net outflow of $216.48 million on June 17
- Net outflow of $389.5 million on June 18
- Total net outflow over two days amounted to nearly $606 million.
Previously, sustained net inflows into ETFs provided steady spot buying support for Bitcoin. Now, consecutive outflows indicate that some institutional investors have become more cautious, weakening the market’s ability to absorb corrections.
Overall, $60,000 has become the most watched level in the short-term market. If this area continues to be breached, the pullback could extend further; if buying pressure re-emerges around this level, market sentiment may have a chance to gradually stabilize.