Bitcoin Sparks $600M Hourly Liquidations With $65,000 Set To Become Resistance

Bitcoin fell to 21-month lows as stock market volatility accompanied three-year highs in US PCE inflation, leading to $600 million in hourly crypto liquidations.

Bitcoin (BTC) hit new 21-month lows at Thursday’s Wall Street open as high US inflation unsettled stock markets.

Data from TradingView showed BTC/USD dropping to $58,035 on Bitstamp — a level it last traded at in September 2024.

BTC/USD one-hour chart. Source: Cointelegraph/ TradingView

The May print of the US Personal Consumption Expenditures (PCE) index came in at 4.1%, setting a new three-year record.

“From the preceding month, the PCE price index for May increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.3 percent,” a data release from the Bureau of Economic Analysis (BEA) stated.

US PCE one-month % change (screenshot). Source: BEA

Stocks reacted with volatility, with the Nasdaq Composite Index down 0.5% at the time of writing, while the S&P 500 managed to eke out a gain.

The Nasdaq 100, meanwhile, saw a larger snap decline of 2% in just 30 minutes at the open.

“What a chart,” trading resource The Kobeissi Letter responded on X.

Bitcoin itself sparked considerable long position liquidations, with CoinGlass putting the cross-crypto liquidation total at $600 million over a single hour.

Crypto liquidation history (screenshot). Source: CoinGlass

Commenting, market participants suggested that price moves were being artificially managed to squeeze positions.

“$BTC is in the manipulation phase,” pseudonymous trader Killa told X followers.

Niels Klaver, cofounder of crypto platform STABL Agency, suggested that BTC/USD “seems to be going for its final leg down of this bear market.”

“$55K remains the target,” he added, referring to an increasingly popular short-term price goal.

BTC/USDT one-week chart. Source: Niels Klaver/X

As BTC price action attempted a modest rebound, trader and analyst Rekt Capital had already described $60,000 support as “clearly weakening.”

Related: BTC price four-year trend calls for $76K as analysis says Bitcoin 'not broken'

“Once June Monthly Closes, we'll know from which price July will be able to potentially spring into a post-breakdown relief rally,” an X post read.

BTC/USD one-month chart. Source: Rekt Capital/X

Rekt Capital maintained that the market was acting similarly to 2022, with the 50-month exponential moving average (EMA) tipped to become new resistance next.

BTC/USD one-month chart. with 50EMA. Source: Cointelegraph/TradingView

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.

All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy .

新闻图片