Bitcoin tumbled below $63,000 on Tuesday, wiping out roughly $150 million in leveraged long positions across major exchanges. The move marks one of the sharper intraday drawdowns in recent weeks and has traders watching closely for signs of a deeper correction.
Tuesday's Slide
The price broke through the $63,000 support level in early afternoon trading, accelerating a decline that began overnight. Liquidations piled up quickly as margin calls hit positions opened during the relative calm of the past few sessions. By late afternoon, bitcoin was trading around $62,800 — a drop of about 4% from the day's high.
Liquidations Spike
Data aggregated by major tracking platforms showed that the $150 million in long positions were the bulk of the day's forced closures. The figure includes both bitcoin and ether positions, though bitcoin accounted for the majority. With open interest still elevated, analysts within the trading community are flagging the risk of a second wave of liquidations if prices don't stabilize soon.
Volatility Returns
The downturn comes after weeks of relatively tight price action, and the sudden move has rattled a market that had grown accustomed to low volatility. Investor confidence is taking a hit — not because of any single catalyst, but because the speed of the selloff caught many off guard. One trader described the mood on messaging channels as 'jittery.' The exchange's order books showed a noticeable thinning of buy support below $62,000, which could set the stage for further downside if selling pressure resumes.
The immediate question for traders is whether $60,000 holds as a psychological floor. Some are already hedging with put options, while others are waiting for a clear rebound signal before re-entering. No major macroeconomic data is due this week, so the market's direction will likely be driven by technical factors and position squaring. For now, the $150 million liquidation event serves as a reminder that leverage cuts both ways — even in a market that had been humming along quietly.
