Bitcoin tested support near $62,500 on June 3 as the crypto market recorded $1.12 billion in liquidations, with long traders absorbing $949 million in losses according to Coinglass data. Bitcoin briefly touched $62,569 on Binance at 9:50 p.m. EDT on Wednesday before stabilizing in the upper-$62,000 range, while ethereum saw $252.9 million liquidated. The sharp selloff unwound leveraged long positions accumulated during bitcoin's prior rally, with traders now focused on whether the $60,000 support zone will hold. The liquidation wave coincided with heavy redemptions from U.S. spot bitcoin ETFs and broader concerns over macroeconomic uncertainty and elevated interest rates.
Coinglass Records $1.12 Billion in 24-Hour Liquidations
Data from Coinglass shows total liquidations reached approximately $1.12 billion over the last day, with long traders absorbing the overwhelming majority of the damage. Nearly $949 million in bullish positions were wiped out compared with roughly $169 million in short liquidations. According to the latest figures, 24-hour liquidations totaled $1.12 billion, with long liquidations at $949 million and short liquidations at $168.7 million. Bitcoin liquidations accounted for $601.2 million, while ethereum liquidations represented $252.9 million. Bitcoin accounted for more than half of all liquidations across the digital asset market, while ethereum represented the second-largest share.
Bitcoin Extends Decline From Late 2025 Peak Above $126,000
The decline adds to a difficult year for bitcoin following its run to all-time highs above $126,000 in late 2025. After opening June near the $72,000 to $73,500 range, bitcoin quickly encountered selling pressure, breaking below several key levels before testing the low-$63,000-$62,000 region. The cryptocurrency is now down more than 45% from its peak. The broader crypto market also weakened, with ethereum falling below major psychological levels during portions of the selloff, while alternative digital assets posted even steeper losses.
ETF Outflows and Strategy BTC Sale Weigh on Sentiment
Several factors have weighed on sentiment in recent weeks. Heavy redemptions from U.S. spot bitcoin ETFs have coincided with increased investor interest in artificial intelligence-related equities. Market participants have also pointed to macroeconomic uncertainty, inflation concerns, geopolitical risks, and elevated interest rates. At the same time, leveraged positions accumulated during bitcoin's rally have been unwound as support levels gave way. The disclosure that Strategy sold 32 BTC between May 26 and May 31 also generated discussion among traders, although the transaction represented a tiny fraction of the company's holdings.
Traders Monitor $60,000 Support and $65,000-$70,000 Resistance
Market participants are now watching the $60,000 range and below it closely. The zone has repeatedly acted as support during 2026 and now represents one of the most important technical areas on the tape. A sustained move below that region could increase attention on lower targets discussed by some analysts. On the upside, traders are monitoring resistance between $65,000 and $70,000, followed by the $75,000 to $77,000 range. Liquidation data suggests leverage remains a dominant force in price action, with bitcoin and ethereum accounting for nearly $854 billion in combined liquidations during the latest market flush.
FAQ
What happened to bitcoin on June 3?
Bitcoin tested support near $62,500 on June 3, briefly touching $62,569 on Binance at 9:50 p.m. EDT on Wednesday. The crypto market recorded $1.12 billion in liquidations according to Coinglass data, with $949 million from long positions and $168.7 million from short positions.
Why did bitcoin liquidations reach $1.12 billion?
The liquidation wave occurred as leveraged long positions accumulated during bitcoin's prior rally were unwound when the price broke below key support levels. Heavy redemptions from U.S. spot bitcoin ETFs, macroeconomic uncertainty, and elevated interest rates contributed to the selloff.
What price levels are traders watching for bitcoin?
Traders are monitoring the $60,000 range as a key support zone that has repeatedly acted as support during 2026. On the upside, resistance is located between $65,000 and $70,000, followed by the $75,000 to $77,000 range.
