Bitcoin has fallen to around $62,400 after a combination of options-expiry volatility, long liquidations, and renewed concerns over corporate Bitcoin selling weighed on sentiment across the crypto market.
Summary
- Bitcoin fell to around $62,400 as options expiry, long liquidations, and Strategy sale concerns weighed on sentiment.
- Nearly $136 million in BTC positions were liquidated, with long traders accounting for roughly $122 million of losses.
- Analysts are closely watching the $61K-$62K support zone, with a break below potentially exposing a move toward $59K.
According to data from crypto.news, Bitcoin (BTC) fell nearly 3% over the previous 24 hours to an intraday low near $62,300 on June 19. The decline extended losses after roughly $2.13 billion in Bitcoin and Ethereum options contracts expired.
Investors also digested reports that Strategy could potentially sell between $3 billion and $4 billion worth of Bitcoin to support its STRC preferred stock, which recently traded below its $100 par value.
Further, CoinGlass data showed nearly $136 million worth of Bitcoin positions were liquidated over the past 24 hours, with about $122 million coming from long positions. The concentration of bullish liquidations added selling pressure as leveraged traders were forced out of positions during the drop below $63,000.
Outside crypto, investors faced another restrictive macro backdrop. The market continued to assess the implications of Federal Reserve Chair Kevin Warsh’s first policy meeting, where policymakers reinforced expectations that interest rates could remain elevated for longer. The stronger U.S. dollar that followed added pressure to risk assets, including cryptocurrencies.
Energy markets offered little relief. Crude oil rebounded from roughly $75 to above $77 per barrel after planned U.S.-Iran talks in Switzerland were canceled and Israel continued strikes against Hezbollah targets in Lebanon. Even so, oil remained on track for a weekly decline as traders continued to price in improved shipping conditions through the Strait of Hormuz following the interim U.S.-Iran peace arrangement.
Another source of pressure emerged from the mining sector. Institutional analytics showed Bitcoin has spent five consecutive months below an estimated network production cost of approximately $78,000. The prolonged gap has reportedly forced some mining operators to liquidate holdings to cover operating expenses and debt obligations.
Bitcoin tests critical Fibonacci and moving-average support
Technical indicators show BTC trading at a key inflection point. On the four-hour chart, price has fallen to the 78.6% Fibonacci retracement level near $62,410, measured from the June low around $59,176 to the recent recovery high near $74,288. A break below that level would leave the June bottom as the next major support zone.
Momentum indicators remain weak. The four-hour RSI has dropped to roughly 35 while the MACD remains below its signal line with expanding negative histogram bars.
On the daily chart, Bitcoin continues to hold above a former descending resistance trendline that has now turned into support. Maintaining that structure remains important for bulls as the asset’s price approaches the $61,000-$62,000 support zone. The daily RSI sits near 34, while the Aroon indicator shows bearish dominance with the downtrend reading above 70 and the uptrend near zero.
Commenting on the setup, crypto analyst Daan Crypto Trades noted that Bitcoin is attempting to hold a major support region.
“Bulls need to hold that $61K-$62K region otherwise things get ugly real quick I think.”
Liquidity data highlights why that zone matters. CoinGlass heatmaps show dense liquidation clusters between $63,500 and $65,000, while another concentration of liquidity sits near $62,100. A recovery into the upper band could trigger short liquidations, whereas a move lower would expose fresh downside liquidity pockets.
According to crypto analyst Lennaert Snyder, Bitcoin’s drop to roughly $62,300 fulfilled a key liquidity target. He noted that $60,500 represents the first area where a bounce could emerge, while a deeper move below $59,000 would provide a more attractive setup for a sustained reversal.
Failure to reclaim $65K could expose lower support zones
The primary risk for bulls remains Bitcoin’s inability to reclaim overhead resistance. The 61.8% Fibonacci retracement level sits near $64,950, while the midpoint of the recent range is located around $66,700. Those levels coincide with significant liquidation clusters identified on derivatives exchanges.
Another concern comes from institutional positioning. Recent ETF outflows and continued capital rotation toward technology and artificial-intelligence equities have reduced demand for Bitcoin during a period of heightened macro uncertainty.
Should BTC lose the $61,000-$62,000 support area, traders may shift attention toward the June low near $59,000. A decisive break below that level would strengthen the case for a deeper correction and place longer-term support zones in the mid-$40,000 region back into focus.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
