Crypto Liquidations Top $1.1 Billion as Bitcoin targets $60,000: More Pain Ahead?
Bitcoin tumbled nearly $63,000 on June 3, 2026, as total crypto liquidations across the market surged past $1.1 billion amid heavy volatility and aggressive deleveraging.
We break down the main drivers behind the sell-off, what the data really shows, and the levels every trader should now watch.
Bitcoin Prints the Lowest Daily Candle Close Since February
A crypto liquidation event happens when leveraged trading positions get forcibly closed because prices breach key support levels. Bitcoin’s recent dive to $63,092 triggered exactly that, wiping out hundreds of millions in long bets.
CoinGlass data showed total crypto liquidations topping $1.1 billion in 24 hours, with $945 million in long positions taking nearly all the pain.
Multiple drivers converged behind the move. Lingering geopolitical tensions involving Iran weighed on risk assets, while reports of spot Bitcoin ETF outflows added institutional pressure across both crypto and traditional markets at the same time.
Strategy also made a small Bitcoin sale to fund dividend obligations, its first since the 2022 FTX collapse. The amount remains tiny compared to its corporate treasury, yet the symbolism reinforced cautious sentiment across global crypto trading.
Macroeconomic uncertainty rounded out the picture. Upcoming United States jobs data, profit-taking after the recent rally, and a sharp drop into “Extreme Fear” territory on the Crypto Fear & Greed Index amplified the panic.
What’s Next for BTC Price
The sell-off rippled across the entire crypto market. Ethereum dropped below $1,800, Solana and other large caps posted steeper percentage losses, and XRP printed new year-to-date lows during the same trading window.
Analysts remain divided on what comes next. Support near $64,000 has been tested, with some pointing to deeper downside toward $60,000 or less if macro headwinds intensify and liquidations keep cascading lower.
BREAKING: $BTC just had it's lowest daily candle close since February 5th. Price is now $64,000.Like I said countless times, the bottom is not in.Buy The Right Dip – JO 🤝 https://t.co/ivb5TUXv9h pic.twitter.com/mW7GtzZkGF
— Jesse Olson (@JesseOlson) June 3, 2026
Others see the dip as a buying opportunity. Traders cite Bitcoin’s historical resilience, steady institutional interest, and the fact that leverage has now been dramatically reduced, paving the way for a healthier recovery if demand returns.
Would be wild if this bottom played out exactly like the 2022 bottom. I was against it a first, but seems like things can potentially be lining up nicely.-Chop until Midterms (November 5th)-Drop down close $56,712 $55,248 and $54,343 nPOC prints-Bottom and run to ATHs$BTC pic.twitter.com/QcaPB2oqID
— Castillo Trading (@CastilloTrading) June 4, 2026
For now, the market sits firmly in risk-off mode. Volatility remains elevated, and traders are emphasizing dollar-cost averaging and patience rather than panic-driven decisions during a moment of intense forced selling pressure.
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