Bitcoin dropped below $67,000 on Tuesday, triggering the largest single-day liquidation event in four months. Roughly $672 million in long positions were wiped out in the 24 hours ending June 2, according to derivatives data. The move dragged short-term holders into heavy losses and pushed key technical indicators into oversold territory.
Liquidation wave hits hardest since February
The $672 million in Bitcoin position liquidations marks the biggest single-day flush since February 5. On Binance alone, short-term holder losses hit -16,400 BTC on June 2, with the combined exchange figure reaching -38,700 BTC. Open interest remained high at 288,000 BTC, and funding rates stayed positive at 0.083% — a sign that some leverage was still being added even as prices fell.
Support levels break, oversold signal flashes
Bitcoin tumbled through previously held support at $74,800 and $70,400 without much resistance. The eight-hour relative strength index fell to 30.4 on June 2, its lowest since February 6, indicating sustained downward pressure. A liquidity cluster sits between $62,300 and $65,600, with a demand zone near $60,000, suggesting where the next test might come.
Mid-sized investors and retail flow into Binance
Mid-sized investors sent about 8,400 BTC to Binance on June 2, the most since February 6. Meanwhile, Binance's 30-day retail inflow total hit $9.2 billion by June 1 — the highest since November 20, 2025. Analyst MorenoDV noted that exchange inflows don't automatically mean selling, but often precede sharper volatility. If demand absorbs the inflow, it could mark a local exhaustion point; otherwise, broader distribution may follow.
What the charts show next
Veteran trader Peter Brandt identified an expanding triangle pattern on Bitcoin's daily chart, with a target derived from the breakout height. He added that a move back above $75,000 would force him to revisit his analysis. For now, the market is watching whether the $62,300-$65,600 liquidity zone holds or breaks.
The next concrete test is whether Bitcoin can reclaim $67,000 in the coming sessions, or if the pressure pushes it toward the $60,000 demand zone. The funding rate staying positive through the drop adds an unusual twist — leveraged longs haven't fully capitulated yet.
