Bitcoin faced one of the harshest sales in recent weeks on June 25. The price dropped from over $61,000 to around $58,000 within an hour. This decline has increased concerns in the market about whether Bitcoin will be able to maintain critical support zones.
Liquidations reached $1.265 billion
According to Coinglass data, the total liquidation amount increased to 1.265 billion dollars in the last 24 hours. In this process, 209 thousand users were affected. In the time period with the harshest volatility, liquidations exceeded $430 million. Coinglass is known as a market data platform that tracks liquidation data in derivative markets.
The selling pressure in the market was not seen only in a single trading pair; Simultaneous sales were observed in perpetual futures contracts along with BTC/USD, BTC/USDT, BTC/FDUSD transactions on Binance.
It was seen that the sales pressure was not limited to a single channel. Market indicators revealed that sales were activated simultaneously on the BTC/USD, BTC/USDT, BTC/FDUSD and perpetual futures side on Binance. This chart showed that the decline was fueled by a broader market base, not a narrow area.
After the initial sharp decline, there was a rapid reaction, but Bitcoin could not sustain this recovery and retreated to around $59,000. While a market expert stated that purchases increased after the decline, this movement did not turn into a permanent change in direction.
Order flow supported the weak outlook
According to the analyst, it is considered that the coins held by individual investors who sold in panic may have passed on to stronger players who bought. The fact that short positions continued to increase in the same period showed that downward expectations were gaining strength.
Order flow statistics also supported this view. The CVD indicator, used to measure buy and sell side aggressiveness, turned significantly negative during the price decline. This showed that sell orders were more prominent than buy orders in the market.
Mini dictionary: CVD, or Cumulative Volume Delta, is an indicator used to monitor how aggressively buyers and sellers behave in the markets. As the indicator goes negative, it is understood that sell orders are more dominant.
Although there was a limited reaction in the price after the first drop, there was no significant improvement on the CVD side. This indicated that the recovery may have been largely due to short position closings, while strong and persistent spot demand remained weak. In the sections where sales continued, the indicator turned downward again.
Spot ETF outflows add to pressure
One of the factors that increased the pressure on Bitcoin was the funds exiting spot Bitcoin ETFs. According to current data, one-day net flow was recorded as minus 7,439 BTC. The monetary equivalent of this amount was calculated at approximately 441.88 million dollars.
Net outflow total over the last seven-day period reached minus 12,619 BTC. The approximate value of this was $749.58 million. These outflows showed that one of the important sources of demand that supported the price during Bitcoin’s previous bullish phases was weakening.
| Period | net flow | Approximate value |
|---|---|---|
| 1 day | Minus 7,439 BTC | $441.88 million |
| 7 days | Minus 12,619 BTC | $749.58 million |
The $60,000 area is watched as critical support
According to analyst Rekt Capital’s assessment, the current outlook is similar to the correction process in 2022. The monthly chart shows BTC price breaking below the short-term trend line and approaching the longer-term moving average near $60,000. Rekt Capital stands out as a market analyst known for its technical analysis posts focusing on cryptocurrency markets.
If BTC can stay above the long-term support around $60,000, a relief rally may be seen in July; If it falls below this level, it is considered that the risk of correction will increase.
Whether this area, which stands out as one of the important support areas in the market, can be protected or not may be decisive in terms of short-term direction. If Bitcoin holds above this level, the possibility of a reaction rise will be watched in July. On the other hand, the loss of long-term support keeps the risk of further deepening of the correction on the agenda.
