{"id":9638,"date":"2026-06-05T07:07:00","date_gmt":"2026-06-05T07:07:00","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=9638"},"modified":"2026-06-05T07:07:00","modified_gmt":"2026-06-05T07:07:00","slug":"617m-long-liquidation-sparks-bitcoin-rebound-traders-eye-70k-relief-rally","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=9638","title":{"rendered":"$617M Long Liquidation Sparks Bitcoin Rebound, Traders Eye $70K Relief Rally"},"content":{"rendered":"

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  • Bitcoin fell to around US$61,300, triggering more than US$617 million in long liquidations out of over US$737 million in total positions wiped over 24 hours.<\/span><\/li>\n
  • The token rebounded about 5.5% to near US$64,700, a recovery that coincided with reports of an Israel\u2013Lebanon ceasefire easing geopolitical risk.<\/span><\/li>\n
  • Some traders argued the leverage flush may have marked a short-term bottom, with relief-rally targets near US$69,000\u2013US$70,000, while others cautioned the bounce could trap bulls.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    Bitcoin\u2019s slide to around US$61,300 (AU$86K) forced a wave of leveraged long positions to close, before a sharp rebound left traders split over whether the flush marked a short-term bottom or a trap.<\/p>\n

    CoinGlass data showed more than US$617 million (AU$870 million) in long liquidations during the move, part of over US$737 million (AU$1.04 billion) in total positions wiped over 24 hours.\u00a0<\/p>\n

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    Source: CoinGlass.<\/figcaption><\/figure>\n

    The token then recovered about 5.5% to near US$64,700 (AU$91K), a bounce that coincided with reports that Israel and Lebanon had agreed to a ceasefire, easing the geopolitical risk that had weighed on broader market sentiment.<\/p>\n

    Read more: Warren, Sanders Urge Labor Department to Reject Crypto-Friendly 401(k) Rule\u00a0<\/strong><\/p>\n

    Bitcoin Bulls See a Bottom<\/h2>\n

    The speed of the rebound drew bullish reads. Trader ZordXBT pointed to Bitcoin\u2019s long downside wick as evidence that \u201cbuyers stepped in aggressively near the lows,\u201d while trader RidaaXBT said Bitcoin \u201ccould stage a relief bounce toward the $69,000\u2013$70,000 range.\u201d<\/p>\n

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    $BTC Now this is something you want to see near the bottom. A long wick to the downside with aggressive buy pressure
    Funding turning negative. <\/p>\n

    That’s the recipe that the whole market is selling and longs have full blown out of the market now.#btc #btcusdt #bitcoin pic.twitter.com\/lEhSuH4WQE<\/a><\/p>\n

    \u2014 Zord (@ZordXBT) June 4, 2026<\/p><\/blockquote>\n<\/div>\n<\/figure>\n

    Those targets are traders\u2019 own projections rather than confirmed direction. The forced unwinding of long positions can clear leverage from the market and, in past cycles, has occasionally preceded local recoveries, though it offers no guarantee of one.<\/p>\n

    Trader Hitman42.eth cautioned that the bounce \u201cmay end up trapping bulls,\u201d reflecting a more defensive stance among chartists watching for a failed retest of broken support.<\/p>\n

    Read more: Telegram Brings Crypto Full Circle, Rebranding Toncoin Back to Gram<\/strong><\/p>\n<\/p><\/div>\n