Bitcoin Price Plummets Below $60K Amid $700M Long Liquidations

Bitcoin's price plummeted below $60,000 on June 24 after a broad sell-off triggered $700 million in long liquidations across the crypto market.

The decline led to fear and erased speculative positions that had attempted to buy the dip. Traders were forced out as Bitcoin weakened below $60,000, with further losses appearing possible due to sustained selling pressure across the wider cryptocurrency market.

Bitcoin's open interest had already fallen from its 2025 peaks, according to AMBCrypto. Volatility remained high as traders adjusted to rapid price movements, and spot exchange-traded fund outflows reflected weaker investor confidence.

The Coinbase Premium Index remained negative for over a month, indicating limited demand from investors in the United States. As a result, spot buying offered little support as Bitcoin extended its decline.