Long

Bitcoin

Drops

<p>This Tuesday, June 2, 2026, the bitcoin price has just undergone a brutal correction by slipping below the psychological threshold of $70,000. It even hit a low of $69,390 according to Bitstamp data. This triggered a wave of massive liquidations. Data shows over $455 million of long positions vaporized within a few hours. Result: thousands of optimistic crypto traders find themselves trapped.</p>
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  <h2 class="in-brief--title" id="in-brief">In brief</h2>
  <ul>
   <li>Bitcoin touched $69,390, its lowest level in nearly eight weeks.</li>
   <li>$455 million in long positions were liquidated.</li>
   <li>Crypto analysts remain divided between a typical correction and a risk of prolonged decline.</li>
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<h2 id="h-le-bitcoin-est-passe-sous-les-70-000-on-vous-explique-pourquoi">Bitcoin dropped below $70,000: here’s why</h2>
<p>According to data reported by Bitstamp, the <strong><a href="https://www.cointribune.com/en/crypto-markets/bitcoin-btc-en/" rel="noopener noreferrer nofollow">BTC price</a></strong> fell nearly $4,000 in less than 48 hours. Its market capitalization even briefly fell below the $1.4 trillion mark. At the time of writing this article, bitcoin’s value stands at $69,400.</p>
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<p>According to crypto analysts, it all started with the <strong>sale of 32 bitcoins</strong> made by Strategy between May 26 and 31. The company generated about $2.5 million at an average price of $77,135 per BTC. The operation remains tiny compared to the 843,706 bitcoins held by the company. Nevertheless, the signal sent to the crypto market fueled a new wave of uncertainty.</p>
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<h2 id="h-une-cascade-de-liquidations-sur-les-marches-derives">A cascade of liquidations on derivative markets</h2>
<p>According to <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" rel="noopener noreferrer nofollow">market data</a>, the <strong>bitcoin drop</strong> caused more than $470 million in liquidations on leveraged positions. Among them:</p>
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 <li>$455 million concerned long positions;</li>
 <li>nearly 60% of liquidations came from bitcoin;</li>
 <li>$805 million were wiped out across the entire crypto market.</li>
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<p>This reaction illustrates the sensitivity of crypto traders to <strong>BTC’s sudden moves</strong>. Explanation: when technical levels break, forced sales often amplify the downward pressure.</p>
<h2 id="h-deux-lectures-opposees-du-marche-crypto">Two opposing views on the crypto market</h2>
<p>Peter Schiff, gold advocate and outspoken bitcoin opponent, sees it as a warning signal. According to him, the upcoming correction on indices could be even more devastating if <strong>BTC</strong> resists poorly while the Nasdaq hits records.</p>
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<p>On the other hand, GMI founder Raoul Pal puts it in perspective. He describes the situation as a “violent correction in a bullish market.” He also reminds us that similar episodes (sometimes far more severe) have marked every cycle since 2013 without calling into question the <strong>underlying bitcoin trend</strong>.</p>
<p>In both cases, one detail worries some observers more. Unlike the sale of 704 BTC made by Strategy in December 2022, the <a href="https://www.cointribune.com/en/strategy-parts-with-32-btc-in-a-symbolic-shift/" rel="noopener noreferrer nofollow">latest sale</a> seems final. It is indeed aimed at covering an operational debt, with no announced buyback commitment.</p>
<p>One thing is certain: this correction reminds us that the bitcoin market remains volatile. Is this an <a href="https://www.cointribune.com/en/bitcoin-hesitates-between-correction-and-bullish-recovery/" rel="noopener noreferrer nofollow">ordinary correction</a> in a bull run or the first signal of a deeper fragility? The coming days will probably bring an answer.</p>

Bitcoin Drops Below $70,000: $455M in Long Positions Liquidated

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