Bitcoin Bounces Back to $61,500 After Nearly $1 Billion Liquidation Loss

Bitcoin touched $59,000 overnight but quickly bounced back to around $61,500 by Thursday morning. The dip was part of a broader market correction that saw nearly $1 billion in liquidation losses across major cryptocurrencies like Bitcoin, Ether, Solana, and others.

The price drop was triggered by a combination of factors, including a hawkish Federal Reserve, six straight weeks of ETF outflows, thinning summer liquidity, and a quarter-end options expiry on June 30. Major market-maker Wintermute had flagged $59,000 as the bear-market low to watch in its Tuesday note.

The bounce came from outside the crypto market, where Micron Technology's quarterly earnings beat analyst estimates, sending its shares sharply higher and lifting the broader memory chip complex. SK Hynix separately disclosed plans for a U.S. stock listing seeking roughly $29 billion, one of the largest offerings ever.