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<p><a href="https://en.coin-turk.com/microstrategy-raises-700-million-through-new-convertible-bond-issue/" rel="noopener noreferrer nofollow">Bitcoin</a> experienced one of its steepest sell-offs in recent weeks on June 25, with the price dropping from above $61,000 to around $58,000 within an hour. The sharp downturn prompted renewed concerns in the market about whether Bitcoin could maintain its key support levels.</p>
<h2 id="liquidations-surge-to-1-27-billion">Liquidations surge to $1.27 billion</h2>
<p>According to data from Coinglass, total liquidations across the market reached $1.27 billion in the past 24 hours, affecting 209,000 traders. The most volatile period saw liquidations exceeding $430 million. Coinglass is a well-known market data platform tracking liquidation activity in derivative markets.</p>
<blockquote>
 <p>Sell pressure was not limited to a single pair, with synchronized selling seen across BTC/USD, BTC/USDT, BTC/FDUSD pairs, and perpetual futures on Binance.</p>
</blockquote>
<p>This demonstrates that the selling pressure was broad-based, spanning multiple channels. Market indicators showed sell-offs happening simultaneously in spot and perpetual futures markets on Binance, underscoring that the drop was rooted in a wider market context, not just isolated trading activity.</p>
<p>After the first sharp drop, Bitcoin saw a brief rebound, but the recovery quickly lost momentum and the price settled around $59,000. A market analyst noted that buying activity increased after the decline, though this failed to translate into a lasting change in trend.</p>
<h2 id="order-flow-confirms-weak-sentiment">Order flow confirms weak sentiment</h2>
<p>Analysts suggest that coins sold by panicking retail investors may have been snapped up by larger, more experienced players. At the same time, the continued build-up of short positions indicated that market participants were increasingly expecting further losses.</p>
<p>Order flow data supported this negative outlook. The Cumulative Volume Delta (CVD) indicator, which measures the aggressiveness of buyers versus sellers, swung sharply negative as prices fell. This pointed to a dominance of sell orders over buy orders at the height of the downturn.</p>
<p>Mini glossary: CVD (Cumulative Volume Delta) is a market indicator used to track the aggressiveness of buying and selling. When the indicator moves into negative territory, it signals that selling pressure dominates.</p>
<p>Even after the initial decline, CVD readings did not recover significantly, suggesting that the rebound was largely driven by short covering rather than genuine spot demand. As selling resumed, the indicator continued to move lower, signaling ongoing weakness.</p>
<h2 id="spot-etf-outflows-add-to-pressure">Spot ETF outflows add to pressure</h2>
<p>An additional factor weighing on Bitcoin was persistent outflows from spot Bitcoin ETFs. Updated figures showed a single-day net outflow of 7,439 BTC, equivalent to roughly $441.88 million. Over the past seven days, net outflows reached 12,619 BTC, representing around $749.58 million.</p>
<p>These ETF outflows highlight a weakening of one of the key demand drivers that previously supported Bitcoin’s rally phases. The declining interest from ETF investors has been a notable headwind for the cryptocurrency in recent sessions.</p>
<table>
 <tbody>
  <tr>
   <th>Period</th>
   <th>Net outflow</th>
   <th>Approximate value</th>
  </tr>
  <tr>
   <td>1 day</td>
   <td>-7,439 BTC</td>
   <td>$441.88 million</td>
  </tr>
  <tr>
   <td>7 days</td>
   <td>-12,619 BTC</td>
   <td>$749.58 million</td>
  </tr>
 </tbody>
</table>
<h2 id="60-000-remains-a-critical-support-zone">$60,000 remains a critical support zone</h2>
<p>Technical analyst Rekt Capital notes that Bitcoin’s current situation resembles the correction phase seen in 2022. On the monthly chart, BTC has slipped below its short-term trendline and is now testing the longer-term moving average near $60,000. Rekt Capital is well known for in-depth technical analysis focused on crypto markets.</p>
<blockquote>
 <p>If BTC can hold above the long-term support around $60,000, there is a chance for a relief rally in July. However, falling below this level could increase the risk of a deeper correction.</p>
</blockquote>
<p>Whether Bitcoin manages to stay above this pivotal support may shape the short-term direction. Sustaining above $60,000 could open the door for a rebound next month, while a loss of this level keeps the risk of a more pronounced correction firmly in play.</p>
<p>The post <a href="https://en.coin-turk.com/bitcoin-plunged-from-61000-to-58000-in-one-hour-liquidations-totaled-1-27-billion/" rel="noopener noreferrer nofollow">Bitcoin plunged from $61,000 to $58,000 in one hour, liquidations totaled $1.27 billion</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bitcoin plunged from $61,000 to $58,000 in one hour, liquidations totaled $1.27 billion

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