The cryptocurrency market faced a brutal downturn over the past 24 hours, with Bitcoin plunging to $106,000—triggering a cascade of liquidations across leveraged positions. According to Coinglass data dated June 13, 2025, more than 147,000 traders were liquidated, totaling over $712 million in leveraged losses. The Bit Journal observed that this market shock not only rattled investor sentiment but also underscored the risks of high-leverage trading in a highly volatile environment.
Long Positions Take the Hardest Hit
In one of the most telling signs of the imbalance, long positions accounted for nearly 91% of total liquidations. On Binance, over $201 million worth of BTC/USDT long positions were wiped out in a single move, highlighting that even institutional-sized positions were not immune to the plunge. Total long liquidations soared past $649 million, while short positions only accounted for $63 million—clearly signaling a one-sided downward break.
The most intense damage occurred within just one hour, when $336 million in positions were liquidated, $330 million of which were long. Traders banking on a bullish breakout in Bitcoin and Ethereum were caught in what can best be described as a leverage trap. As stop-losses triggered en masse, a chain reaction of forced sell-offs deepened the dip.
Where is the Bottom? Key Support Levels to Watch
At press time, Bitcoin is hovering near the $106,100 level, attempting to establish a short-term foothold. Should this level fail to hold, the next significant support is expected around $104,500. If bears push the price even lower, a retest of the $100,600 zone could be imminent—potentially prompting another wave of capitulation among overleveraged traders.
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A Glimmer of Rebound? Short Squeeze in Sight
Historically, such deep liquidations—especially when skewed heavily toward long positions—are often followed by a brief rebound. A possible short squeeze could occur if bearish positions begin to pile up and the price moves against them. However, analysts at The Bit Journal caution that any sustainable recovery will require reduced volatility and the formation of a more stable price range.
Until such a base is formed, investors are urged to remain cautious. While intraday rebounds may offer short-term opportunities, the current landscape is one of heightened uncertainty and risk.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
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