Bitcoin plunged below $60,000 as nearly 180,000 cryptocurrency traders faced liquidation in the past 24 hours, marking a fresh test of a key support level that traders have watched closely throughout 2026.
The crypto market decline reflects sustained selling pressure that has weighed on bitcoin since early June. According to CoinStats, Bitcoin ETF outflows have totaled $5.96 billion over the past 30 days as of June 24, 2026, with institutional investors pulling capital from spot Bitcoin funds.
The $60,000 level carries particular significance for leveraged traders. According to CoinDesk reporting in March 2026, the $60,000–$70,000 range acts as an important support level, with traders having accumulated nearly 600,000 BTC in that band during earlier dips. When Bitcoin breaks below such levels, it can trigger a cascade of forced selling as traders using leverage see their positions automatically closed to prevent further losses.
Liquidation events have become a recurring feature of the 2026 crypto market. In January 2026, over 182,000 traders were forced to close positions in a single deleveraging event, according to Yahoo Finance. That earlier event wiped out over $1 billion in crypto positions, demonstrating how quickly market moves can force traders out of leveraged bets.
The current decline sits atop a broader backdrop of capital rotation. Multiple sources including BTCC and Intellectia AI report that institutional ETF outflows, capital rotation into artificial intelligence assets, and Fed rate concerns have all contributed to downward pressure on Bitcoin since the start of June. CoinMarketCap noted that on June 3, 2026, Bitcoin fell 3.08% in just two hours as $1.8 billion in crypto positions liquidated and $2.8 billion withdrew from US spot Bitcoin ETFs.
Analysts remain divided on where Bitcoin may find its footing. CoinDesk reported on June 24 that 10x Research suggested Bitcoin could fall to $55,000 before finding a bottom, while Kalshi traders forecast a 2026 low of $44,000. Others point to long-term holder accumulation as a floor: KuCoin noted in May that long-term holders control 71% of circulating Bitcoin supply, pointing to strong support near $60,000.
Sources
- Futunn — reported nearly 180,000 traders liquidated in past 24 hours as Bitcoin fell below $60,000
- CoinStats — documented $5.96 billion in Bitcoin ETF outflows over 30 days as of June 24, 2026
- CoinDesk — provided analysis of the $60,000–$70,000 support range and 600,000 BTC accumulation in that band; reported June 24 analyst forecasts for further downside
- Yahoo Finance — reported January 2026 liquidation event affecting 182,000 traders and $1 billion in positions
- CoinMarketCap — documented June 3, 2026 liquidation cascade of $1.8 billion and $2.8 billion in ETF withdrawals
- BTCC and Intellectia AI — cited institutional ETF outflows, capital rotation, and Fed concerns as drivers of June decline
- Kalshi — provided prediction market data on 2026 Bitcoin low forecasts
- KuCoin — reported long-term holder supply concentration and support level significance
