Bitcoin Plunges Below $60K as $700M in Long Liquidations Rock Crypto Market

Bitcoin's price fell below $60,000 on June 24, triggering a broad sell-off that led to $700 million in long liquidations across the crypto market. The decline was so sharp it forced leveraged traders out of positions as Bitcoin weakened below its crucial support level.

The selling pressure continued unabated, with further losses appearing possible as the wider cryptocurrency market struggled to find stability. According to AMBCrypto, Bitcoin's open interest had already fallen from its 2025 peaks, indicating a decrease in trader involvement.

Additionally, sustained spot exchange-traded fund outflows reflected weaker investor confidence, while the Coinbase Premium Index remained negative for over a month, pointing to limited demand from investors in the United States. Spot buying offered little support as Bitcoin extended its decline.