Bitcoin Rebounds 5.5% After $617M Long Liquidations Trigger Drop to $61K

Bitcoin dropped to around $61,300, triggering more than $617 million in long liquidations as part of over $737 million in total positions wiped over 24 hours. The token then rebounded approximately 5.5% to near $64,700, a recovery that coincided with reports of an Israel-Lebanon ceasefire easing geopolitical risk. Some traders argued the leverage flush may have marked a short-term bottom with relief-rally targets near $69,000-$70,000, while others cautioned the bounce could trap bulls.

CoinGlass Data Shows $617M Long Liquidations

CoinGlass data showed more than $617 million in long liquidations during the move, part of over $737 million in total positions wiped over 24 hours. The liquidations occurred as Bitcoin fell to around $61,300.

Bitcoin Rebounds 5.5% Amid Ceasefire Reports

The token recovered about 5.5% to near $64,700, a bounce that coincided with reports that Israel and Lebanon had agreed to a ceasefire. The ceasefire eased geopolitical risk that had weighed on broader market sentiment.

Traders Project Potential Relief Rally Toward $69K-$70K

Trader ZordXBT pointed to Bitcoin's long downside wick as evidence that "buyers stepped in aggressively near the lows." Trader RidaaXBT said Bitcoin "could stage a relief bounce toward the $69,000–$70,000 range."

Trader Hitman42.eth cautioned that the bounce "may end up trapping bulls," reflecting a more defensive stance among chartists watching for a failed retest of broken support.

FAQ

What triggered the $617 million in Bitcoin long liquidations?

Bitcoin's drop to around $61,300 forced more than $617 million in leveraged long positions to close as part of over $737 million in total positions wiped over 24 hours, according to CoinGlass data.

Why did Bitcoin rebound to near $64,700?

Bitcoin recovered approximately 5.5% to near $64,700 following reports that Israel and Lebanon had agreed to a ceasefire, which eased geopolitical risk that had weighed on market sentiment.

What price targets are traders projecting for Bitcoin's relief rally?

Trader RidaaXBT stated Bitcoin "could stage a relief bounce toward the $69,000–$70,000 range," though trader Hitman42.eth cautioned the bounce "may end up trapping bulls."