Long

bullish

Bitcoin

would

<p>Bitcoin dropped to approximately $76,700 on May 18, marking its lowest level in over two weeks and triggering more than <strong>$661 million</strong> in liquidations across centralized exchanges within 24 hours.</p>
<p>Long positions absorbed the bulk of the damage, with roughly <strong>$584 million</strong> in longs liquidated compared to significantly lower short liquidations.</p>
<h2 id="liquidation-data-and-leverage-flush">Liquidation data and leverage flush</h2>
<p>The distribution of liquidations shows clear one-sided deleveraging. Longs represented the overwhelming majority of wiped positions, indicating that leveraged bullish exposure built during the prior recovery was quickly flushed as price broke below $77,000.</p>
<p>This type of liquidation imbalance often signals exhaustion of weak long hands rather than aggressive short selling pressure.</p>
<h2 id="market-structure-and-positioning">Market structure and positioning</h2>
<p>Despite the heavy long liquidation, open interest across major exchanges remains relatively elevated. This suggests that while weak leverage has been removed, a significant amount of positioning is still active.</p>
<p>Funding rates turned negative following the move, reflecting a shift in sentiment as leveraged longs were forced out of the market.</p>
<h2 id="key-levels-and-short-term-risk">Key levels and short-term risk</h2>
<p>Bitcoin is now trading below both the $77,000 and $78,000 zones. The $76,000 – $76,500 area has become the immediate level to watch.</p>
<div><br><span>&nbsp;</span>
</div>
<p>A sustained break below this range could trigger another wave of liquidations, while a quick recovery above $78,000 would be required to stabilize the market and reduce downside pressure on leveraged positions.</p>
<p>The current setup points to a market that has undergone a meaningful deleveraging event but has not yet found strong directional conviction.</p>
<p>With open interest still elevated and funding rates negative, further volatility remains likely until price either reclaims key resistance or confirms lower supports through additional liquidation pressure.</p>

Bitcoin triggers $661M in liquidations after dropping below $77K

Table of Contents

crypto.ro English

Other articles published on Jun 2, 2026

Join our free newsletter for daily crypto updates!