Bitcoin Under Siege: $60K Support Tested After $1B Liquidation Cascade
Bitcoin (BTC) is fighting to hold the $60,000 psychological level after a brutal selloff pushed prices to an intraday low of $58,189 on June 26, 2026. The selloff was accompanied by over $1 billion in total crypto liquidations, with long traders bearing the brunt. BTC is currently trading at $60,098, down 2.45% in 24 hours, while Ethereum (ETH) slumped to $1,562.94, losing 5.24%. The broader crypto market cap dropped, with altcoins like XRP ($1.04, -4.14%) and Solana ($69.77, +1.12%) showing mixed signals.
ETF Exodus Accelerates: $696M Outflow Streak Hits Six Days
U.S. spot Bitcoin ETFs recorded net outflows of $696 million on Thursday, marking six consecutive days of redemptions. BlackRock’s IBIT, the largest fund, saw $63 million exit, while Fidelity’s FBTC lost $3.5 million and Grayscale funds shed $23 million. Spot Ether ETFs also suffered, losing $81.9 million over the same period. This institutional exodus is a major headwind for BTC, as ETF flows are a key sentiment indicator.
Leverage Wipeout: $842M in Longs Liquidated
According to Coinglass, over $1 billion in leveraged positions were liquidated in 24 hours. Long traders absorbed $842 million in losses, with Bitcoin alone accounting for $489 million in forced closures. Ethereum saw $295 million in long liquidations. The largest single liquidation was a $38.05 million BTC-USD position on Hyperliquid. This deleveraging event signals that speculative froth is being flushed out, potentially setting the stage for a more sustainable base.
Technical Breakdown: RSI Near Oversold, Death Cross Looming
Bitcoin’s short-term technicals remain fragile. The RSI sits at 32.98, just above oversold territory (30), while the MACD shows a mild bullish crossover but remains deeply negative (MACD line -2,269.45 vs signal -2,285.76). Volume is around 12K, with selling pressure dominating. Key resistance lies at $62,800-$65,000; support at $59,000-$60,000. Analyst BATMAN warns of a weekly death cross, which historically led to a prolonged consolidation phase before the cycle low. Trader EGRAG CRYPTO flags a bearish cross between the 13-week and 33-week MAs, with downside targets at $47,000, $43,000, and $37,000 unless BTC closes above $74,000.
Short-Term Holder Capitulation: 50,000 BTC Sent to Exchanges at a Loss
CryptoQuant analyst Amr Taha reports that short-term holder (STH) market cap dropped to $237.7 billion, the lowest since October 2, 2024. The Crypto Fear & Greed Index fell to 12 — ‘Extreme Fear.’ In a sign of panic, STHs sent approximately 50,000 BTC to exchanges at a loss over 24 hours, with Binance receiving 9,500 BTC from this cohort. This spike in loss realization often precedes seller exhaustion and local bottoms, but history warns of further downside if the $60K zone fails.
Macro Context & Market Outlook
The macroeconomic backdrop offers limited relief. An interim U.S.-Iran peace accord is in the news, but its impact on risk assets remains muted. For Bitcoin, the immediate test is whether it can reclaim $60K as support. If buyers defend $59K-$60K, a consolidation range could form, with resistance near $67,000 (liquidity cluster). However, a breakdown below $58,189 could accelerate selling toward $47,000.
Market Outlook: Bearish in the near term due to ETF outflows, leveraged liquidation cascade, and weakening technicals. However, the rapid deleveraging and capitulation may set the stage for a relief rally if $60K holds. Investors should monitor volume and RSI for confirmation of a bottom.
