Bitcoin Falls Under $63,000 as $530M in Crypto Bets Wiped
Bitcoin fell below $63,000 on June 23 as risk appetite deteriorated across digital asset markets, pushing the Crypto Fear & Greed Index deeper into fear territory and extending a broader pullback in major cryptocurrencies.
Summary:
- Bitcoin dropped below $63,000 after losing key short-term support levels.
- The Crypto Fear & Greed Index fell to 20, signaling extreme caution among investors.
- More than $529 million in crypto positions were liquidated over the past 24 hours.
- Long traders accounted for nearly $412 million of total liquidations.
Market Sentiment Weakens
Risk sentiment across digital assets deteriorated sharply as investors reduced exposure to higher-risk assets amid persistent macroeconomic uncertainty.
Data from CoinMarketCap showed the Crypto Fear & Greed Index falling to 20, firmly within fear territory. Total crypto market capitalization slipped to approximately $2.16 trillion as selling pressure spread across major tokens.
Bitcoin trades near $62,870, down about 1.6% over the previous 24 hours, while Ethereum fell roughly 2.4% to around $1,690. Solana, XRP and Dogecoin also posted losses as market breadth weakened.
Bitcoin Breaks Key Technical Levels
Technical indicators suggest sellers remain in control in the short term.
On the 15-minute chart, Bitcoin broke below multiple moving averages and several bearish order-block zones that had previously acted as resistance. Price fell beneath the 20-period, 50-period, 100-period and 200-period moving averages, indicating a deterioration in momentum across multiple time horizons.
The latest decline pushed BTC through the $63,500-$63,650 area, a region highlighted by repeated bearish order-block formations during recent trading sessions. Following the breakdown, Bitcoin briefly trades near $62,500 before attempting a modest rebound.
From a technical perspective, traders are now monitoring whether Bitcoin can reclaim the $63,500 level. Failure to recover that zone could leave the market vulnerable to additional downside pressure toward lower support regions.
Liquidations Accelerate Volatility
Derivatives markets amplified the selloff.
According to liquidation data from Coinglass, more than $529 million worth of leveraged positions were wiped out over the past 24 hours, affecting nearly 120,000 traders.
Long positions accounted for approximately $411.8 million of total liquidations, compared with roughly $118 million for short positions, highlighting the extent of bullish positioning that was forced out of the market.
Bitcoin represented the largest share of liquidations at nearly $170 million, followed by Ethereum at approximately $96 million.
The imbalance suggests the decline was driven largely by long liquidation cascades rather than aggressive new short selling.
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Over the last 12 hours alone, more than $335 million in long positions were liquidated, underscoring how quickly leverage was unwound as prices fell.
Altcoin Season Remains Elusive
Broader market indicators suggest capital continues to favor relative safety over speculative positioning.
The Altcoin Season Index remained at 45 out of 100, indicating conditions still fall short of a full altcoin-led market environment.
Meanwhile, the average crypto RSI stood near 40.7, approaching oversold territory but not yet signaling a broad reversal.
The divergence suggests investors remain defensive despite recent declines, with capital preservation taking priority over risk-taking across smaller digital assets.
Focus Turns to Market Stability
The latest decline highlights the continued influence of leverage and sentiment on crypto market direction.
While liquidation-driven selloffs can create conditions for short-term rebounds once excess leverage is removed, traders remain focused on whether Bitcoin can regain key technical levels and stabilize above recent support zones.
Until sentiment improves and capital flows return, market participants may continue to favor caution as volatility remains elevated across digital assets.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
