Bitcoin Drops to $60,000: $600 Million in Long Positions Liquidated

Bitcoin (BTC) approaching the $60,000 level dealt a serious blow to the market. As a result of this decline, over $600 million in long (bullish) positions were liquidated. This situation has raised doubts about whether the recent recovery is a genuine turning point or merely a temporary bounce following the clearing of leveraged trades. According to Cointelegraph.com reports .

On Thursday, the BTC price dropped to approximately $61,300, but later rose by 5.52% to stabilize around $64,690. This recovery coincided with reports of a ceasefire agreement between Israel and Lebanon. According to CoinGlass data, a total of $737 million in BTC positions were closed within 24 hours, with the majority belonging to bulls.

Despite sharp market fluctuations, some traders remain optimistic. For instance, RidaaXBT predicts that the Bitcoin price could rise to the $69,000–$70,000 range. Analyst ZordXBT also views the increased buyer activity at lower levels as a positive signal.

However, experts like Hitman42.eth are urging bulls to exercise caution. In his opinion, this bounce could be a trap for traders. The weekly Bitcoin chart still shows a "bear flag" pattern, leaving open the risk of the price falling to the $50,000–$52,000 level.