Bitcoin price just faced one of its most turbulent days in recent months. According to CoinGlass, over $800 million in long positions were liquidated across the crypto market on June 5, shaking investor confidence. This massive deleveraging event came after Bitcoin briefly dipped below $103K, dragging Ethereum and other altcoins down with it.
The panic sell-off appears linked to macro-political tensions, notably a public spat between Donald Trump and Elon Musk, which unsettled market sentiment and accelerated the liquidation cascade.
What the Liquidation Data Tells Us
The data reveals a sharp imbalance in leveraged trading. Within just 24 hours, over $305 million in Bitcoin long positions were wiped out, compared to only $36 million in shorts. This signals a market that had been overly optimistic—bulls were overexposed, and the correction was ruthless.
Source: Coinglass
The total liquidation volume ranked among the top three highest daily wipeouts this year, signaling how sensitive current market structures are to macro triggers and sentiment shifts.
Here’s the breakdown of the latest data:
- $800M+ total liquidations (all assets)
- Majority from BTC and ETH long positions
- Spike in forced selling pushed Bitcoin to intraday lows of $101,000
- Price bounced modestly to $104,000 but bulls remain on shaky ground
Bitcoin Price Analysis: Can Bulls Regain Control?
On the daily chart, Bitcoin is still trading above the $100K psychological support, but the recent rejection near $108K suggests a lower high formation—a potential warning signal.
Source: Tradingview
Key levels to watch:
- Support: $101,000 and $98,500
- Resistance: $106,800 and $109,400
- Trend signal: RSI dropped to 42, suggesting neutral-bearish momentum
Despite the sell-off, the long-term bullish structure remains intact. However, traders should expect increased volatility as leveraged players reassess their positions and options expiry looms.
Final Thoughts: What This Means for Bitcoin Price
This liquidation shock underscores how quickly sentiment can shift in a highly leveraged market. The Bitcoin price remains vulnerable to external catalysts—from political tweets to ETF flows—but also resilient in holding above six figures.
The coming days will be pivotal. A break above $106K could revive bullish momentum, but failure to defend $101K may invite another wave of panic.
For now, Bitcoin’s fate lies in the balance—caught between macro noise and chart support. Stay tuned.
